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Write the journal entries for Meyer Co in July

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Reference no: EM132730571

Question - Meyer Inc. uses to record sales made on credit. On July 1, 2018, it made sales of 85,000 with terms 2/10 n/30. On July 9, Meyer received payment with the invoice value of 50,000 for the July 1 sale. The rest is not received until the end of July. Write the journal entries for Meyer Co. in July:

1) using the gross method.

2) using the net method.

Reference no: EM132730571

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