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On June 14, 2024, Rumsfeld Company sold 100 air-conditioning units to Powell Heating and Cooling. The units list for $800 each, but Powell was granted

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On June 14, 2024, Rumsfeld Company sold 100 air-conditioning units to Powell Heating and Cooling. The units list for $800 each, but Powell was granted a 15% trade discount. All of Rumsfeld's sales are subject to terms 2/10,n/30. Rumsfeld uses the gross method of accounting for sales discounts. Required: 1. 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

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