On April $3,$ Parker Company sold $$35,000$ of merchandise on account to Flower Corporation, terms $\frac{3}{10},\frac{n}{30},$ FOB shipping point. Parker's cost of sales for this merchandise was $$25,000.$ The merchandise left Parker's facility on April $4$ and arrived at Flower on April $10.$ Flower paid the invoice for the merchandise on April $11.$

Read the requirements.

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$April $4,$Accounts Receivable,$35,000,],[$Sales Revenue,,$35,000]]$

Prepare the journal entry for the cost of the sale.

$\backslash$table$[[$Date$,$Accounts,$4,$Debit,Credit$],[$April $4,$Cost of Goods Sold,,$25,000,],[$Inventory$,,,25,000]]$

Prepare the journal entry for the related receipt of payment from Flower Corporation. Assume that Flower Corporation takes the discount if payment is within the discount period.

Journal Entry

$\backslash$table$[[$Date$,$Accounts,Debit,Credit,$],[$April $11,$Cash,,,$],[,$Sales Discounts,,,$],[,$Accounts Receivable,,,$35,000],[,,,,]]$