pen Assignment Exercise 7-5 On June 3, Arnold Company sold to Chester Company merchandise having a sale price of $3,000 with terms of 2/10, n/60, f.o.b for the freight cost. On June 12, the company received a check for the balance due from Chester Company Prepare journal entries on the Arnold 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. by (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 O for the amounts. Credit account titles a No. Date Account Titles and Explanation (1) June 3 Sales Revenue Debit Credit 3000 Accounts Receivable 3000 June 12 s CALCULATOR |FULL SCREEN PRINTER VERSION 4BACK NEXT sale price of $3,000 with terms of 2/10, n/60, fo.b. shipping point. An invoice totaling $90, terms n/30, was received by Chester on June 8 from John Booth Transport Service e due from Chester Company. noted above under each of the following bases. ter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit 3000 3000 Exercise 7-5 On June 3, Arnold Company sold to Chester Company merchandise having a sale price of $3,000 with terms of 2/10, n/60, f.o.b. shipping point. An invoice b for the freight cost. On June 12, the company received a check for the balance due from Chester Company Prepare journal entries on the Arnold 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 O for the amounts. Credit account titles are automatically indented No. Date Account Titles and Explanation (1) June 3 v Sales Revenue Debit Credit 3000 Accounts Receivable 3000 June 12 a002 hoW&Ss Ios All Rights Reserved, A Division of hn ile&Son