Could you assist with the amount for the adjusting entry? Details - On December 1,...
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Could you assist with the amount for the adjusting entry? Details - On December 1, Lynch Incorporated sold $19,000 of merchandise with terms 2/10, n/EOM. On December 11, collections were made on sales originally billed for $10,000, and on December 31, additional collections on sales originally billed for $8,000 were received.
Required:
1.
Prepare the journal entries to record the sale, collections, and any required year-end adjustments assuming that Lynch records accounts receivable and sales at (a) the gross price and (b) the net price.
Required: 1. Prepare the journal entries to record the sale, collections, and any required year-end adjustments assuming that Lynch records accounts receivable and sales at (a) the gross price and (b) the net price. General Journal Shaded cells have feedback General Journal Instructions Required: 1. Prepare the journal entries to record the sale, collections, and any required year-end adjustments assuming that Lynch records accounts receivable and sales at (a) the gross price and (b) the net price
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