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AG Inc. made a $25,000 sale on account with the following terms: 1/15, n/30. If the company uses the gross method to record sales made on credit, what is the journal entry to record the sale

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Zviko

Answer:

Debit : Accounts Receivable  $25,000

Credit : Sales Revenue $25,000

Explanation:

The journal entry to record the sale would include a Debit to Asset Account - Accounts Receivable and Credit to Sales Revenue at the amount of sale including the cash discount.

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