Exercise 7-5 (Part Level Submission) On June 3, Waterway Company sold to Chester

Question

Exercise 7-5 (Part Level Submission) On June 3, Waterway Company sold to Chester Company merchandise having a sale price of $2,20o with terms o was received by Chester on June f 4/10, n/6o, fob, shipoing coint 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the ba Johrn Company (a) Prepare journal entries on the Waterway 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. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indente entered. Do not indent manually) No. Date Account Titles and Explanation DebitCredit June 12

Explanation / Answer

Date General Journal Debit Credit 1 03-Jun Accounts Receivable - Chester 2200 Sales Revenue 2200 12-Jun Cash 2112 Sales Discounts (2200*4%) 88 Accounts Receivable-Chester 2200 2 03-Jun Accounts Receivable-Chester 2200*96% 2112 Sales Revenue 2112 12-Jun Cash 2112 Accounts Receivable-Chester 2112

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