Fraxon Inc. made a $40,000 sale on account with terms of 1/15, n/30. If the...
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Accounting
Fraxon Inc. made a $40,000 sale on account with terms of 1/15, n/30. If the company uses the gross method, which of the following will be included in the journal entry to record customer payment within the discount period?
- credit Accounts Receivable $40,000
- credit Sales Discount $400
- credit Sales Revenue $40,000
- credit Cash $39,600
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