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Journal entries and potential adjusting journal entries

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Reference no: EM131756570

1. October 22 - Sales to a customer amounted to $590,000. Received $80,000 in cash on this date. Terms offered were 5/90 net.

2. November 20 - Customers returned $22,000 worth of merchandise that was sold to them on October 22nd.
What are the journal entries and potential adjusting journal entries for these two actions? Thanks.

Reference no: EM131756570

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