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Novak co uses the net method to account for cash discounts

Question - Novak Co. uses the net method to account for cash discounts. On June 1, 2017, it made sales of $65,000 with items 4/15, n/45. On June 12, 2017, Novak received full payment for the June 1 sale.

Prepare the required journal entries for Novak Co.

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Accounting Basics: Novak co uses the net method to account for cash discounts

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Accounting Basics: Novak co uses the net method to account for cash discounts

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