On June 3, Patrick Company sold merchandise to Chester Company having a sale price of $5,200 with terms of 4/10, n/60, f.o.b. shipping point. On June 12, the Patrick company received a check for the balance due from Chester Company. Prepare journal entries on the Patrick Company books to record all the events noted above under each of the following situations. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts. Answer: Please fill in the blank (1) Use Gross Method: (a) On June 3: Patrick would debit the account: and credit the account: for: $ (b) On June 12: Patrick would debit the Cash Account for: $ and credit the account: for: $ (c) What additional account would be used in the above iournal entry (b), and for what dollar amount? Additional Account used: would be debited for the following amount: $ (d) Prepare the journal entry, assuming that Chester Combanv did not remit pavment until July 29. On July 29 , Patrick would debit the following account: and credit: for: $ (2) Use the net method (a) On June 3, Patrick would debit the following account: and credit the account: for $ (b) On June 12, Patrick would debit Cash and Credit Accounts Receivable for: $ (c) Prepare the journal entry under, assuming that Chester Company did not remit payment until July 29. On July 29 , Patrick would debt Cash for the following amount: $ and credit Accounts Receivable for the following amount: $ (d) What additional account and dollar amount would be used in the journal entry above (c)? Additional account used: would be credited for: $