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Olympic Supply company uses the direct-off method of accounting for uncollectible account.
Instructions:
Record the following transactions in the general journal.
1. On April 10, sold merchandise on account to Sonya Dickson, $600 plus sales tax, Sales slip 928.
2. On November 30, wrote off Sonya Dickson's account as uncollectible, $630, Memorandum 78.
3. On December 30, received $630 from Sonya Dickson for full payment of her account. This account was written off on November 30, Memorandum 89 and Receipt 277.
Regis Clothiers can borrow from its bank at 17 percent to take a cash discount. The terms of the cash discount are 3/19, net 45. Should the firm borrow the funds?
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