E6-3 (Accounting for cash discounts) On December 12, Woodington sold goods on account for a gross price
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E6-3
(Accounting for cash discounts)
On December 12, Woodington sold goods on account for a gross price of $40,000. The terms of the sale were 2/10, n/30. As of December 31, when financial statements were prepared, no payment had been received by Woodington. Full payment was received on January 5 of the fol¬
lowing year.
REQUIRED:
a. Prepare journal entries for these transactions.
b. Assume that full payment was received
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