Stevenson Company manufactures bicycles. On August 15 of the current year, the company sold 2,250 bikes to a customer for $500 each. The terms of the sale were 2/10, n/30. Stevenson uses the gross method of accounting for cash discounts.

Required:

Prepare the journal entry to record the sale on August 15 (ignore cost of goods).

Assume the customer pays the amount due in full on August 23. Prepare the journal entry to record the collection.

Assume instead the customer does not pay until September 14. Prepare the journal entry to record the collection.

PLEASE INCLUDE EXCEL SHEET FORMULAS

Stevenson Company manufactures bicycles. On August 15,2023 , the company sold 2,250 bikes to a customer for $500 each. The terms of the sale were 2/10,n/30. Stevenson uses the gross method of accounting for cash discounts. 1. Prepare the journal entry to record the sale on August 15 (ignore cost of goods). 2. Assume the customer pays the amount due on August 23, 2023. Prepare the journal entry to record the collection