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Question
On September 8, a company provides services on account to a customer for $1,500, terms 2/10, n/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15.
Answer
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$790
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When using the equity method to account for an investment, cash dividends received by the investor from the investee should be recorded:
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32 Net Income
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00 Notes Payable (difference)
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