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Unformatted text preview: th terms of 2/10, n/30. Gross
Method Journal entry to record the sale:
Sales are recorded
at the invoice
are recorded as reduction
of revenue if payment is
received within the
discount period. Sales are recorded at
the invoice amount
less the discount.
Sales discounts forfeited
as interest revenue if
payment is received after
the discount period. If the customer remits the appropriate amount on
January 19, what entry would Timberland make? GENERAL JOURNAL
Jan. 19 Ca...
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