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XXIII. Two-Tall Industries purchased erasers for $1,000, cash and sold them for $5,000 on account. Two-Tall offers terms of 1.5/10, net 20. Record the purchase

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XXIII. Two-Tall Industries purchased erasers for $1,000, cash and sold them for $5,000 on account. Two-Tall offers terms of 1.5/10, net 20. Record the purchase and sale. (Remember GAAP requires that receivables be recorded at the amount one expects to receive.)

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