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On June 3, Skysong Company sold to Chester Company merchandise having a sale of price...

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Accounting

On June 3, Skysong Company sold to Chester Company merchandise having a sale of price of $2,800 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totalling $98, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company.

Prepare journal entries on the Skysong Company books to record all the events noted above under each of the following bases:

(1) Sales and receivables are entered at gross selling price.

(2) Sales and receivables are entered at net of cash discounts.

image \begin{tabular}{|c|c|c|c|} \hline Date & \multirow{2}{*}{\begin{tabular}{l} Account Titles and Explanation \\ Accounts Receivable \end{tabular}} & Debit & \multirow[t]{2}{*}{ Credit } \\ \hline June 3 & & 2800 & \\ \hline & Sales Revenue & & 2800 \\ \hline \multirow[t]{3}{*}{ June 12} & Cash & 2688 & \\ \hline & No Entry & 0 & \\ \hline & Accounts Receivable & & 2688 \\ \hline \multirow[t]{2}{*}{ June 12} & & 2688 & \\ \hline & Accounts Receivable & & 2688 \\ \hlinev & No Entry & 0 & \\ \hline & & & 0 \\ \hline \end{tabular}

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