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Tamarisk, Inc. sells merchandise on account for $2600 to with credit terms of 2/7.1/30. Novak...

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Accounting

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Tamarisk, Inc. sells merchandise on account for $2600 to with credit terms of 2/7.1/30. Novak Corp. returns $1100 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Tamarisk, Inc. make upon receipt of the check? Cash 1500 Accounts Receivable 1500 Cash Sales Returns and Allowances Accounts Receivable 1470 1130 2600 1470 1100 Cash Sales Returns and Allowances Sales Discounts Accounts Receivable 30 2600 2548 5 Cash Sales Discounts Sales Returns and Allowances Accounts Receivable 1100 1500

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