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

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Accounting

On June 3, Waterway Company sold to Chester Company merchandise having a sale price of $4,000 with terms of 410,n60, fo. shipping point. An invoice totalling $95, terms n30, 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.
(a)
Prepare journal entries on the Waterway 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.
If no entry is required, select No Entry for the accounc titles ond eniter of (or the amounts. Credit account titles are dutomatically indented when the amount is entered. Do not indent manualigy List all debit entries be fore credit entries. Record journal entries in the order presented in the problemy
No. Date
(1)
jurie 12
(2) thres
Jurie 12
Account Titles and Explanation
Accounts pecelvale
Sales Revenue
Debit
Ci
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