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On June 3, Swifty Company sold to Chester Company merchandise having a sale price of $3,600 with terms of 2/10, 0, to shipping point. An

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On June 3, Swifty Company sold to Chester Company merchandise having a sale price of $3,600 with terms of 2/10, 0, to shipping point. An invoice totaling 193, terms 130, was received by Chester on June from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company the events noted above under each of the following bases Prepare journal entries on the Swifty Company books to record (1) Sales and receivables are entered at gross selling price (2) Sales and receivables are entered at net of cash discounts Prepare journal entries on the Swifty 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 (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.) Credit Date Debit Account Titles and Explanation No. (1) June 12 Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29. (no entry is required select "No Entry for the accounties and enter for the amounts. Credit account tities are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit July 29

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