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Record the payment received on April

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Question - On April 1, Moloney Meat Distributors sold merchandise on account to Fronke's Franks for $1,600 on Invoice 1001, terms 3/10, n/30. Payment was received in full from Fronke's Franks, less discount, on April 10.

Required -

1. Record the sale on April 1.

2. Record the payment received on April 10.

Please show work and explain which debits and credits are going onto what account/entry.

Reference no: EM132476590

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