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  3. med labs has the following december 31 year-end un

Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, 50,...

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Accounting

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Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, 50, and Accounts Receivable, $5,000. Of the $5,000 of receivables. $1,000 are within a 2% discount period, meaning that it expects buyers to take $20 in future. period discounts arising from this period's sales o. Prepare the December 31 year-end adjusting journal entry for future sales discounts b. Assume the same facts above and that there is a $5 year-end unadjusted credit balance in Allowance for Sales Discounts. Prepare the December 31 year-end adjusting journal entry for future sales discounts

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