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  3. crane company made sales of $39,100 with terms 3/1

Crane Company made sales of $39,100 with terms 3/10, n/30. Within the discount period, it...

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Accounting

Crane Company made sales of $39,100 with terms 3/10, n/30. Within the discount period, it received a cash payment on $34,800 of the sales from customers. After the discount period, it received $4,300 in payments from customers. Assume Crane uses the gross method of recording sales. Prepare journal entries for the above transactions.image

Account Titles and Explanation Debit Credit Accounts Receivable 37927 Sales Revenue (To record sales revenue) Cash 37927 Accounts Receivable Sales Discounts Forfeited (To record cash received within the discount period) Cash (To record cash received after the discount period)

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