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On June 3,Arnold company sold to Chester Company merchandise having a sale price of $3000...

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Accounting

On June 3,Arnold company sold to Chester Company merchandise having a sale price of $3000 with terms of 2/10, n/60, f.o.b.shipping point. An invoice totaling $90, 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 Arnold 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.
Date
Account Titles and Explanation
Accounts Receivable
Cash
Sales Discounts
Accounts Receivable
Accounts Receivable
Sales Revenue
Accounts Receivable
Debit
Credit
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