Current Attempt in Progress On June 3, Kingbird Company sold to Chester Company merchandise having a sale price of $5,500 with terms of 2/10, n/60, f.a.b. shipping point. An invoice totalling $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. (a) Your answer is partially correct. Prepare journal entries on the Kingbird 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. ate Account Titles and Explanation Debit 3 Accounts Receivable Sales Revenue 12 Cash Sales Discounts Accounts Receivable 3 v Accounts Receivable 12 Sales Revenue Cash Accounts Receivable 5500 Credit 5500 5500