Four buyers are in the market for a new car. suppose buyer 1 is willing to pay $20,000, buyer 2 is willing to pay $56,000, buyer 3 is willing to pay $34,000, and buyer 4 is willing to pay $18,000.
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Lamps Unlimited, a wholesaler, sold several crates of lighting for $1,500 on account, to a customer with credit terms of 1/10, n/30. If the customer pays within the discount period, the journal entry to record the receipt of payment would include:
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