5586 Sales Revenue June 12 V Cash 5586 Accounts Receivable e Textbook and Media List of Accounts 1 Attempts: 2 of 3 used (b) Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29. Of no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation July Debit Credit 29 Attempts: 0 of 3 used Youthwer is correct. Prepare journal entries on the Founder Company books to record all the events noted above under each of the following bases (1) 121 Sales and receivables are entered at gross selling price. Sales and receivables are entered at net of cash discounts Ond entry is required, select "No Entry for the accounttides and enter for the amounts Credit account title ore automatically indented when the mount is entered. Do not indent manually Debit Credit Account Titles and Explanation Accounts Receivable 5700 Site Revo 5700 Sales Discounts 5700 Accounts Receivable > Accounts Receivable Revenge 558 Cash Accounts Receivable e Textbook and Media List of Accounts 1 Attempts: 2 of 3 used (b) Company did not remit payment until July 29. Une entry On June 3, Flounder Company sold to Chester Company merchandise having a sale price of $5,700 with terms of 2/10, 1/60, f.0.b. shipping point. An invoice totaling $ 99,terms n/30, was received by Chester on 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