1 (Record Sales Gross and Net) On June 3, Arnold Company sold to Chester Company 2 merchandise having a sale price of 2560150 with terms of 2/10,n/60, f.o.b. 3 shipping point. An invoice totaling 11850 termsn/30, was received by Arquette on 4 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 5 6 (a) Prepare joumal entries on the Amold Company books to record all the events noted 7 above under each of the following bases: 8 (1) Sales and receivables are entered at gross seling price 9 10 11 12 13 14 15 16 17 18 (2) Sales and receivables are entered at net cash discounts 19 20 21 22 23 24 25 25 27 28 (6) Prepare the joumal entry under basis 2, assuming that Chester Company did not 29 remit payment until July 29 30 31 32 33 34 35 36