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16 June, 13:48

On January 6, Windsor Co. sells merchandise on account to Harley Inc. for $9,700, terms 2/10, n/30. On January 16, Harley pays the amount due. Prepare the entries on Windsor Co.'s books to record the sale and related collection. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

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  1. 16 June, 13:53
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    Jan. 6

    Dr Accounts receivable $9,700

    Cr Sales $9,700

    Jan. 16

    Cash $10,506

    Sales discounts ($9,700 * 2%) $194

    Accounts receivable $10,700
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