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Prepare the journal entries to record receipt of the payment

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On July 18, 2021, Easy Computers sold 20 computers to Kelly, Thomas & Associates for $8,000, subject to terms 2/10, n/30. Easy Computer uses the net method of accounting for sales discounts.

Required:

Question 1: Prepare the journal entry to record the sale.

Question 2: Prepare the journal entries to record receipt of the payment, assuming the correct amount was received on July 26, 2021 and August 15, 2021.

Reference no: EM132566481

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