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Selected Balances from the General Ledger of the All Star

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Selected balances from the general ledger of the All Star Video Rentals on July 31, 2019, are listed below. Use the appropriate data to prepare the Revenue section of the firm's income statement for the month ended July 31, 2019.
 Accounts Receivable $12,500 Sales Tax Payable 1,475 Sales 32,500 Sales Returns and Allowances 3,100\begin{array}{l|l}\text { Accounts Receivable } & \$ 12,500 \\\hline \text { Sales Tax Payable } & 1,475 \\\hline \text { Sales } & 32,500 \\\hline \text { Sales Returns and Allowances } & 3,100\end{array}


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High Technology

Refers to the most advanced technology available, often characterized by innovative, cutting-edge developments in fields such as information technology, robotics, and biotechnology.

Goodwill

An intangible asset that arises when a business is acquired for more than the sum of the fair value of its identifiable tangible and intangible assets and liabilities.

Internally Generated

Refers to assets or resources that are created or produced within a company, rather than acquired from external sources.

Straight-Line Method

A method of calculating depreciation of an asset, which assumes the asset will lose an equal amount of value each year over its useful life.

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