On April 3, Handy Company sold $35,000 of merchandise on account to Wheeler Corporation, terms 2/10, n/30, FOB shipping point. Handy's cost of sales for this merchandise was $31,000. The merchandise left Handy's facility on April 4 and arrived at Wheeler on April 10. Wheeler paid the invoice for the merchandise on April 11. Read the requirements. Requirement 1. Prepare the journal entries for Handy Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Wheeler Corporation. Assume that Wheeler Corporation takes the discount if payment is within the discount period. (Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.) Prepare the journal entry for the sale of the merchandise. (Do not record the cost of the sale, we will do that in the next step.) Date April 4 Requirements Journal Entry Accounts Debit Credit 1. Prepare the journal entries for Handy Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Wheeler Corporation. Assume that Wheeler Corporation takes the discount if payment is within the discount period. 2. Indicate which company (Handy or Wheeler) owns the merchandise at the end of each of the following dates: a. April 3 - b. April 4 c. April 10 (Assume that Handy Company uses the gross method of recording sales discounts.) Print Done