On June 3. Sheridan Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 2/10,n/60, fo.b. shipping point. An invoice totaling $93, terms 1/30, 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, (a) Your answer is correct Prepare journal entries on the Sheridan Company books to record all the events noted above under each of the following bases. (1) (2) Sales and receivables are entered at gross selling price. Sales and receivables are entered at net of cash discounts. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit June 3 Accounts Receivable 5600 Sales Revenue 5600 une 12 Cash 5488 Sales Discounts 112 Accounts Receivable 5600 June 3 Accounts Receivable 5488 Sales Revenue 5488 June 12 V Cash 5488 Accounts Receivable 5488 Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit July 29 A