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When the customer takes advantage of a sales discount

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Question 1: Tokyo Trading Corp. sold inventory costing $400 to a customer on account for $600. Which of the following does not correctly describe the collection of $586 cash when the customer takes advantage of a sales discount?

Multiple Choice

  1. Gross profit decreases $14.
  2. Accounts receivable decreases $600.
  3. Net sales decrease $14.
  4. Net income is not affected.

Reference no: EM132498651

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