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On June 1, 2014, Restin Co. made sales of $50,000 with terms 3/15,n/45. On June 12, 2014, Restin received full payment for the June 1
On June 1, 2014, Restin Co. made sales of $50,000 with terms 3/15,n/45. On June 12, 2014, Restin received full payment for the June 1 sale. 1. Prepare the required journal entries for Restin assuming the gross method of recording sales. June 1, 2014 entry: Accounts Debits Credits [ Select ] A V [ Select ] [ Select] Sales Discounts [ Select] Accounts Receivable Jl Cash Sales Revenue Debits Credits [ Select) V [ Select] [ Select) [ Select] June 12, 2014 entry: Accounts Debits Credits [Select] [ Select]
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