On June 3, Sunland Company sold to Chester Company merchandise having a sale price of $5,200 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totalling $98, 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. (a) Your answer is correct. Prepare journal entries on the Sunland 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.

Prepare journal entries on the Sunland Company books to record all the events noted above under each of the following bases. (1) Sales and recelvables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts. Qf no entry is required, select "No Entry' for the occount tities and enter ofor the amounts: Credit occount tiefes ore outomatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented In the problem.) On June 3, Sunland Company sold to Chester Company merchandise having a sale price of $5,200 with terms of 4/10,n/60, fo.b. shipping point. An imvoice totalling $98, 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. (a) Your answer is correct. Prepare journal entries on the Sunland 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: 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 occount titles and enter O for the omounts. Credit account titles are autornatically indented when the omount is entered. Do not indent manually. List all debit entries before credit entries) \begin{tabular}{l} Date Account Titles and Explanation \\ \hline Accounts Receivable \\ \hline Sales Revenue 3 \\ \hline Sane 12 \end{tabular}