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Exhibit 7-2 Edwards Co. Purchased Raw Materials with a Cost of $95,000

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Exhibit 7-2
Edwards Co. purchased raw materials with a cost of $95,000 on March 2, 2015. Credit terms of 3/20, n/60 applied.
-Refer to Exhibit 7-2. If Edwards uses the net method and pays for the purchase on March 18, 2015, what amount is recorded in the Purchase Discounts Taken account?

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Definitions:

Product-Development Teams

A specific type of project team formed to devise, design, and implement a new product.

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