On July 1, Ruth Co. sold inventory costing $9,000 to Diana, Inc. for $12,000, terms 2/10, n/30. Both companies use the net method to account for sales discounts. If Diana pays within the discount period, what journal entry will be recorded by Ruth Company when payment is received?
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On July 1, Ruth Co. sold inventory costing $9,000 to Diana, Inc. for $12,000, terms 2/10, n/30. Both...
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