Coyote Company sold a merchandise costing $40,000 for $60,000 on credit to Beer Company on 4/1/2016. To expedite the cash payment, Coyote offered a cash discount of 2/15, n/30.

Instructions: prepare any necessary journal entries for the following transactions for the seller using the net method.

1) The credit sale on 4/1/2016.

2) A receipt of the full payment if it is paid on 4/14/2016.

3) A receipt of the full payment if it is paid on 4/24/2016.