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The following data relate to Jones Company for the year ended December 31, 2009:Sales on credit ……………. $80,000Cost of inventory sold on credit ……… 65,000Collections from customers ……….. 60,000Purchase of inventory on credit …….. 50,000Payment for purchases ………… 55,000Cash collections for common stock ……. 30,000Dividends paid ………….. 10,000Payment to salesclerk ………… 10,000Required

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a. Determine income on an accrual basis.

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