Prepare journal entries on the Skysong 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 $0$ for the amounts Credit account titles are autamatically 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.$)$

Account Titles and Explanation

Deblt

Credit

Accounts Recelvable

Sales Discounts

$112$

Accounts Recelvible

Accounts Recelvable

Sales Revenue

Cash

$2685$

Accounts Recelvable

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List of Accounts

Attempts: $1$ of $3$ used

$($b$)$

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" far the account titles and enter $0$ for the amounts. Credit account tities are outomatically indented when the

amount is entered. Do not indent manuafly. List all debit entries before credit entries.$)$

Date Account Titles and Explanation

Debit

Credit

Jully

$29$

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