In this case 30 days after date of purchase 5 on

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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 amounts. Sales discounts 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 are recorded 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 Date Description Jan. 19 Ca...
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This note was uploaded on 03/16/2014 for the course ACC AB1102 taught by Professor Lam during the Spring '14 term at Nanyang Technological University.

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