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Ray company importer of cell phones , sold goods to Nokia mart on august 1, 2014 at an invoice price of 13,440 . Company sells on account with terms of 2/10 , n/30 . Nokia gave a 30% down payment on august 1 , got an allowance approved for two defective cell phones for 168 on august 4 and paid promptly its outstanding account on august 10. Make all the entries in the books of Nokia company . Seller and buyer are non-VAT registered . Use periodic method
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