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Prepare journal entries on the Bolton Co

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Question - On June 3, Bolton Co. sold to Arquette Co. merchandise having a sales price of P2,000 with terms 2/10, n/60 An invoice totaling P90, terms n/30, was received by Arquette 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 Arquette Co.

Required -

1. Prepare journal entries on the Bolton Co. books to record sales and receivables for all the events noted

2. Above under each of the following bases:

3. Sales and receivables are entered at gross selling price. (Gross Method)

4. Sales and receivables are entered at net of cash discounts (Net Method)

5. Prepare the journal entry under 1.b assuming that Arquette Co. did not remit payment until July 29.

Reference no: EM132497473

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