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SSNT7_Cash2 - Cash and Receivables Recap Example 1 Jandro...

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Cash and Receivables
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Recap Example 1 Jandro Company manufactures pink footballs. On July 15, 2009, the company sold 1,000 pink footballs to the Hyde State Football team for $50 each. The terms of the sale were 2/10, n/30. Assume Jandro uses the gross (or net) method of accounting for cash discounts.
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1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods sold) and payment on July 23, 2009
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2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods sold) and payment on August 15, 2009
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3. Prepare the journal entries to record the sale on July 15 (ignore cost of goods sold) and payment on July 23, 2009 (Net Method)
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