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On March 12, 2024, Admiral Electronics sold 20 fax machines to Cool Stuff Company for a total of $10,000, subject to terms 2/10, n/30. Admiral

On March 12, 2024, Admiral Electronics sold 20 fax machines to Cool Stuff Company for a total of $10,000, subject to terms 2/10, n/30. Admiral uses the gross method of accounting for sales discounts.

Required: A. Prepare the journal entry to record the sale.

B & C. Prepare the journal entries to record the receipt of the payment, assuming the correct amount was received on March 20, 2024 and April 5, 2024.

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