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On January 1, 20A, Reagan Company purchased a machine. The price quoted by the seller was
$10,000 less 2% if paid within 15 days of the invoice date. Paid with cash were: transportation,
$300; installation, $600; and sales tax, $200. Give the entry to record the acquisition assuming the discount was taken.
Check 21
A federal law designed to enable banks to handle more checks electronically, which makes check processing faster and more efficient.
Electronically
Pertaining to technology related to the use and application of electronic devices and systems.
Federal Law
Legislation enacted by the national government of a country, which has precedence over state laws in areas specifically delegated to the national authority.
Disclose
To make known or public; revealing information that was previously secret or unknown.
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