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motikmotik
3 years ago
15

On June 3, Swifty Company sold to Chester Company merchandise having a sale price of $3,300 with terms of 2/10, n/60, f.o.b. shi

pping point. An invoice totaling $94, 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.
Required:
a. Prepare journal entries on the Sage 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.

b. Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29.
Business
1 answer:
goldfiish [28.3K]3 years ago
4 0

Answer:

The Journal Entry and their narrations is shown below:-

Explanation:

The Journal entry is shown below:-

a. 1.Accounts Receivable Dr, $3,300

                   To Sales  $3,300

(Being sales is recorded)

Cash Dr, $3,234

Sales Discount Dr,  $66

(3,300 × 2%)

            To Accounts Receivable $3,300

(Being Payment received is recorded)

2. Accounts Receivable Dr, $3,234

=(3,300 × 0.98)

            To Sales $3,234

(Being sales is recorded)

Cash Dr, $3,234    

        To Accounts Receivable $3,234  

(Being payment received is recorded)

b. Cash Dr, $3,300  

       To Accounts Receivable $3,234  

        To Sales Discounts Forfeited 66

(Being payment received is recorded)

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