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On April 3, Parker Company sold $35,000 of merchandise on account to Flower Corporation, terms...

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Accounting

On April 3, Parker Company sold $35,000 of merchandise on account to Flower Corporation, terms 310,n30, FOB shipping point. Parker's cost of sales for this merchandise was $25,000. The merchandise left Parker's facility on April 4 and arrived at Flower on April 10. Flower paid the invoice for the merchandise on April 11.
Read the requirements.
\table[[Date,Accounts,Debit,Credit],[April 4,Accounts Receivable,35,000,],[Sales Revenue,,35,000]]
Prepare the journal entry for the cost of the sale.
\table[[Date,Accounts,4,Debit,Credit],[April 4,Cost of Goods Sold,,25,000,],[Inventory,,,25,000]]
Prepare the journal entry for the related receipt of payment from Flower Corporation. Assume that Flower Corporation takes the discount if payment is within the discount period.
Journal Entry
\table[[Date,Accounts,Debit,Credit,],[April 11,Cash,,,],[,Sales Discounts,,,],[,Accounts Receivable,,,35,000],[,,,,]]
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