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BE 5-43 Gordons Grocers purchases bread from Buddys Bread Company at $1.45 per loaf. Gordons...

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Accounting

BE 5-43

Gordons Grocers purchases bread from Buddys Bread Company at $1.45 per loaf. Gordons recently engaged in a customer service contract with Buddys to purchase 20,000 loaves of Buddys bread. Buddy offered credit to Gordons at terms of 2/10, n/30. Prepare the journal entry to record the sale using the gross method. Then, prepare the journal entry assuming the payment is made after 10 days, (outside the discount period) Please be detailed, thank you.

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