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On June 3, Ivanhoe Company sold to Chester Company merchandise having a sale price of...

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Accounting

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On June 3, Ivanhoe Company sold to Chester Company merchandise having a sale price of $5,200 with terms of 4/10.1/60,fo.b. shipping point. An invoice totaling $98, terms 1/30, 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 journal entries on the Ivanhoe Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts. Of no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit ine 12 e Textbook and Media List of Accounts Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29. (lfno entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation July 29

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