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On june 3, Concord company sold to chester company merchandise having a sale of $5,500...

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Accounting

On june 3, Concord company sold to chester company merchandise having a sale of $5,500 with terms of 2/10,n/60, f.o.b. shipping point. An invoince totalling $99, terms n/39, was received by chester on june 8 from john booth transportatiin service for the freight cost. on june 12, the company receive a check for the balance due from chester company. prepare the joirnal entries on the concord company books to record all the events noted above under each of the followikg bases. 1. sales and receivables are entered at gross selling price. 2 sales and receivables are entered at net of cash discounts.

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