Question
Asked Mar 3, 2020
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For each of the three independent situations below, prepare journal entries that summarize the selling and collec-
tion activities for the reporting period in order to determine the amount of cash received from customers and to
explain the change in each account shown. All dollars are in millions.
Sales
Situation Revenue
Cash Received from
Accounts Receivable
Increase (Decrease)
Customers
200
-0-
200
200
2
10
(10)
?
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For each of the three independent situations below, prepare journal entries that summarize the selling and collec- tion activities for the reporting period in order to determine the amount of cash received from customers and to explain the change in each account shown. All dollars are in millions. Sales Situation Revenue Cash Received from Accounts Receivable Increase (Decrease) Customers 200 -0- 200 200 2 10 (10) ?

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