Lebron, Inc. sold $25,000 of computers to Joe Corporation on July 1 with terms 3/15, n/45. Required: a. Prepare the journal entry to record the sale assuming that Lebron, Inc. uses the gross method to record cash discounts. b. Prepare the journal entry to record the sale assuming that Lebron, Inc. uses the net method to record cash discounts. c. Prepare the journal entry to record the collection from Joe assuming that Joe pays on July 12 and Lebron used the gross method to record the sale. d. Prepare the journal entry to record the collection from Joe assuming that Joe pays on July 20 and Lebron used the net method to record the sale. |