Make accounts receivable transactions.

Record the following transactions on the books of Fowler Co.:

• (a)On May 1, Fowler Co. sold merchandise on account to Kaneva Inc. for $30,000, terms 2/10, n/30. Ignore any entries that affect inventory and cost of goods sold for purposes of this question.
• (b)On June 30, Fowler Co. charged Kaneva Inc. one month's interest for the overdue account. Fowler charges 10% on overdue accounts.
• (c)On July 5, Kaneva paid the amount owing to Fowler Co.