Problemon june 3 arnold company sold to chester company, Ask an Expert

Accounting

Problem

On June 3, Arnold Company sold to Chester Company merchandise having a sale price of $4,100 with terms of 3/10, n/60, f.o.b. shipping point. An invoice totaling $96, 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:

(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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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92719776

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