on June 3, indigo company sold to Chester company merchandise having a sale pric

Question

on June 3, indigo company sold to Chester company merchandise having a sale price of $5600 with terms of 3/10, n/60, f.o.b shipping point. Return to Blackboard Kleso, Intermediate Accounting, 16e Help I Company sold to Chester Co g any merhadse having a sale p ce of $5,600 with term s of 3/10, 60 f shipping point. An inve otaling $95, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the for the balance due from Chester Company height ost. On June 12, the company received·check (a) Prepare journal entries on the Indigo Company books to recond 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. (at no entry is required, select "No Entry for the account titles and en when the amount is entered. Do not indent manually) ter O for the amounts. Credit account titles are automatically indented No. Date Account Titles and Explanation June 12 8 9

Explanation / Answer

1 Jun-03 Accounts Receivable-Chester 5600              Sales 5600 Jun-12 Cash 5432 Sales Discounts 168           Accounts Receivable-Chester 5600 2 Jun-03 Accounts Receivable-Chester 5432              Sales 5432 Jun-12 Cash 5432           Accounts Receivable-Chester 5432

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