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Raven Corp

Question 99

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Raven Corp.follows ASPE and sells merchandise on account for $4,000 to Eagle Corp., terms 2/10, n/30.Eagle returns $1,600 worth of merchandise that was damaged, along with a cheque to settle the account within the discount period.What entry does Raven make upon receipt of the cheque? Raven Corp.follows ASPE and sells merchandise on account for $4,000 to Eagle Corp., terms 2/10, n/30.Eagle returns $1,600 worth of merchandise that was damaged, along with a cheque to settle the account within the discount period.What entry does Raven make upon receipt of the cheque?

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