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Coyote company sold a merchandise costing $30,000 for $50,000 on credit to Beer Company on...

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Accounting

Coyote company sold a merchandise costing $30,000 for $50,000 on credit to Beer Company on 4/1/2020. To expedite the cash payment, Coyote offered a cash discount of 3/15, n/30.

INSTRUCTIONS : prepare any necessary journal entries for the following transactions for the seller and the buyer using the net method

a) the credit sale on 4/1/2020

b) a receipt of the full payment if it is paid on 4/10/2020

c) a receipt of the full payment if it is paid on 4/24/2020

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