3. On June 3, Sierra Company sold to Nevada Company merchandise having a sale price of $4,000 with terms of 2/10, n/60, f.o.b. shipping point. On June 12, the company received a check for the balance due from Nevada Company. Instructions a. Prepare journal entries on the Sierra 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. b. Prepare the journal entry under basis 2, assuming that Nevada Company did not remit payment until July 29