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On May 1, Stacie, Inc. sold goods for $76,000, terms of 3/10, n/30. Required: Prepare...

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Accounting

On May 1, Stacie, Inc. sold goods for $76,000, terms of 3/10, n/30. Required: Prepare journal entries for the following:

a. The sale on May 1, assuming the gross price method is used.
b. The sale on May 1, assuming the net price method is used.
c. Receipt of the payment, assuming collection is made on May 31 and the net price method is used.
d. Receipt of the payment, assuming collection is made on May 9 and the gross price is used.

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