ANSWERS TO QUESTIONS

*Assumes that seller is a dealer in this property. If not, the property might be credited, and a loss on sale of $70,000 would be recognized. ... 180 Cash 5,640 Finance Charge ($6,000 X 6%) 360 Notes Payable 6,000 7/11 Account Receivable—Harding Co. 160 Sales Discounts Forfeited 160 ($8,000 X 2%) This entry may be made at the next time ... ................
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