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3. Claratine Co. uses the gross method to record credit sales. On July 1, 2021, Claratine invoiced Smith Co. $75,000 with terms 2/10 n/30.

3. Claratine Co. uses the gross method to record credit sales. On July 1, 2021, Claratine invoiced Smith Co. $75,000 with terms 2/10 n/30. On July 9, 2021, Claratine received full payment for the July 1 invoice. Prepare the required journal entries for Claratine on July 1 and July 9.

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