On February $14,2024,$ Prime Company sold $70$ air$-$conditioning units to L&P Heating and Cooling. The units list for $$500$ each, but L&P

was granted a $20\%$ trade discount. All of Prime's sales are subject to terms $\frac{2}{10},\frac{n}{30}.$ Prime uses the net method of accounting for

sales discounts.

Required:

Prepare the journal entry to record the sale.

$2$ & $3.$ Prepare the journal entries to record receipt of the payment, assuming the correct amount was received on February $22,2024$

and March $10,2024.$

Complete this question by entering your answers in the tabs below.

Prepare the journal entry to record the sale.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Note: Enter debits before credits.