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Create the journal entry to record receipt of the payment

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Reference no: EM133004339

On May 1, 2021, Jackson Corporation sold five computers to Computing Plus for $10,000, subject to terms 3/10, n/30. Jackson uses the net method of accounting for sales discounts.

Required:

Problem (a) Make the journal entry to record the sale.

Problem (b) Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on May 10, 2021.

Problem (c) Prepare the journal entry to record receipt of the payment, assuming the correct amount was  received on May 25, 2021.

Reference no: EM133004339

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