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What is the journal entry to record the collection

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Question - The entity sold merchandise costing 500,000. It had a list price of 900,000. It was sold at less 4% and 2%, and with a credit terms of 2/10, n/30. What is the journal entry to record the collection if the customer paid on the 10th day. Use gross method and net method.

Reference no: EM132855881

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