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The gross method requires a period-end adjusting entry to estimate future sales discounts.

A) True
B) False

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A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. The amount of the cash paid on July 28 equals:


A) $1,600.
B) $1,800.
C) $1,568.
D) $1,564.
E) $200.

F) None of the above
G) C) and D)

Correct Answer

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