During November, the following transactions were incurred by AutoCloud Company: On November 5, AutoCloud Company sold to T2 Blue Company merchandise for $25,000 with terms of 2/10, n/30, f.o.b. shipping point. An invoice, terms n/30, was received by T2 Blue Company on November 8 from Iceland Transport Service for the freight cost. On November 11, the company received a check for the balance due from T2 Blue Company. Instructions a) Prepare journal entries on the AutoCloud 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 T2 Blue Company did not remit payment until December 5