Problem

(Supplement) Recording Sales DiscountsA sale is made for 58.000; terms are 2110, n/30. At...

(Supplement) Recording Sales Discounts

A sale is made for 58.000; terms are 2110, n/30. At what amount should the sale be recorded under the gross method of recording sales discounts? Give the required entry. Also give the collection entry assuming that it is during the discount period.

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