Brief Exercise 7-3 45. n une 12 201. Shamrock received Shamrock Co. uses the net

Question

Brief Exercise 7-3 45. n une 12 201. Shamrock received Shamrock Co. uses the net method to account for cash discounts. On June 1 20 17, it made sales of $64 100 with tems 4 15 full payment for the June 1 sale. Prepare the required journal entries for Shamrock Co. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS

Explanation / Answer

Date Account titles and explanation Debit Credit June 1 Accounts Receivable($64,100 * 0.96) $61,536 Sales Revenue $61,536 June 12 Cash $61,536 Accounts Receivable $61,536

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