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Accounting for Sales on Credit: Gross Method Parts a and b occur. Parts a and...

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Accounting

Accounting for Sales on Credit: Gross Method Parts a and b occur.
Parts a and c occur.
Note: Indicate a contra account balance with a negative sign.
On December 29 of the current year, Sabre Company sold merchandise for $7,000 on credit terms, 3/10, n/60. Its accounting period ends December 31.
Required
Provide the following entries under the gross method.
a. To record the merchandise sale. Omit the cost of goods sold entry.
b. To record collection of the account, assuming collection took place on January 5 of next year.
c. To record collection of the account, assuming collection took place on February 15 of next year.
Note: If a line in a journal entry isn't required for a transaction, select "N/A" as the account name and leave the Dr. or Cr. answer blank (zero).
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