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Prepare journal entries using gross method and net method

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Reference no: EM131894799

Eatable Company engaged in the following transactions during the month of July:

July 1 Sold merchandise to A Company for 50,000, 2/10, n/30.

July 2 Sold merchandise to B Company for 200,000, 2/10, n/30.

July 12 Received payment from B Company for the July 2 sale.

July 30 Received payment from A Company for the July 1 sale.

Required:

a. Prepare journal entries using Gross method and Net method.

Reference no: EM131894799

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