On June $14,2024,$ Rumsfeld Company sold $150$ air$-$onditioning units to Powell Heating and Cooling. The units list for $$700$ each, but Powell was granted a $20\%$ trade discount. All of Rumsfeld's sales are subject to terms $\frac{2}{10},\frac{n}{30}.$ Rumsfeld uses the gross 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 June $22,2024$ and July $10,2024.$

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

Req $2$ and $3$

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

$1$

Record the sale.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$June $14,2024,,,],[1,,,]]$