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Instructions (a) Prepare journal entries on the Patel Company books to record all the events noted above under each of the following bases.

Instructions
(a) Prepare journal entries on the Patel Company books to record all the events noted above under each of the following bases.
(1) Sales and receivables are entered at gross selling price.
(2) Sales and receivables are entered at net of cash discounts.
(b) Prepare the journal entry under basis 2, assuming that Pham did not remit payment until July 29.

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