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What the journal entry on the date of sale in the books

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Question - On January 5, Fred sold goods costing $1,200 to Jim for $2,000, terms 2/10, n/30. Jim paid for all the goods on January 10.

What the journal entry on the date of sale in the books of Fred will include:

credit to Sales Discount $40.

debit to Account Receivable $ 1,960

credit to Inventory $ 1,200

debit to Cash $1,960

Reference no: EM132943037

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