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Menards provides an 11% rebate on all sales during the month of May. There were...

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Menards provides an 11% rebate on all sales during the month of May. There were 1,000,000 dollars in sales. $300,000 was received in cash and $700,000 was visa receivable. The cost of inventory was $400,000. Menards expects about 10% ofsales to actually send in receipts for the rebate. Prepare ALL entries for May sales and contingent liabilities 8

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