On June 3, Arnold Company sold to Chester Company merchandise having a sale price of...
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Accounting
On June 3, Arnold Company sold to Chester Company merchandise having a sale price of $4,100 with terms of 3/10, n/60, f.o.b. shipping point. An invoice totaling $96, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company.
Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29.
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