On June $3,$Arnold company sold to Chester Company merchandise having a sale price of $$3000$ with terms of $2/10,$ n$/60,$ f$.$o$.$b$.$shipping point. An invoice totaling $$90,$ terms n$/30,$ was received by Chester on june $8$ from John Booth Transport service for the freight cost. On June $12,$ the company received a check for the balance due from Chester Company.

Prepare journal entries on the Arnold Company books to record all the events noted above under each of the following bases.

$1)$sales and receivables are entered at gross selling price.

$2)$ sales and receivables are entered at net of cash discounts.

Date

Account Titles and Explanation

Accounts Receivable

Cash

Sales Discounts

Accounts Receivable

Accounts Receivable

Sales Revenue

Accounts Receivable

Debit

Credit

$\backslash$table$[[3,000]]$

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