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Which of the following statements correctly describes the effect of recording the collection of a $10,000 account receivable for which a 2% sales discount was
Which of the following statements correctly describes the effect of recording the collection of a $10,000 account receivable for which a 2% sales discount was recorded at the time of collection?
Current assets will remain the same. | ||
Gross profit will decrease $200. | ||
Accounts receivable will decrease $9,800. | ||
Net sales will increase $9,800. |
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