Recording the accounts receivable and sales at gross price, Financial Accounting

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Recording the accounts receivable and sales at gross price

Response to the following problem:

Long Corporation is a fabric manufacturing company. On January 20, Long Corporation made sales to Lyndsay's Lace in the amount of $15,000 with terms of 2/10, n/30. Lyndsay's Lace paid Long Corporation on January 28. Long Corporation records accounts receivable and sales at the gross price. Prepare the related journal entries for Long Corporation.

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Financial Accounting: Recording the accounts receivable and sales at gross price

Reference No:- TGS02101094

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Financial Accounting: Recording the accounts receivable and sales at gross price

Reference No:- TGS02101094

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