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14 March, 14:02

A company had the following partial list of account balances at year-endWhich of the following statements correctly describes the effect of recording the collection of a $10,000 account receivable for which a 2% sales discount was recorded at the time of collection?

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  1. 14 March, 15:57
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    The $200 sales discount ($10,000 * 2%) reduces net sales and therefore gross profit.

    Gross profit will decrease $200
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