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What are the journey entries? On March 12, 2021, Admiral Electronics sold 20 fax machines to Cool Stuff Co. for $10,000, subject to terms 2/10,

image text in transcribedWhat are the journey entries?

On March 12, 2021, Admiral Electronics sold 20 fax machines to Cool Stuff Co. for $10,000, subject to terms 2/10, n/30. Admiral uses the gross method of accounting for sales discounts. Required: 1. Prepare the journal entry to record the sale. 2 & 3. Prepare the journal entries to record receipt of the payment, assuming the correct amount was received on March 20, 2021 and April 5, 2021. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the sale. Note: Enter debits before credits. Credit Date General Journal March 12, 2021 Accounts receivable Sales revenue Debit 10,000 10,000 Record entry Clear entry View general journal

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