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Prepare the journal entries for the sale of grills

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Question - Master Grill sells its specialty combination gas/wood fired grills to local restaurants. Each grill is sold for $900 (cost $500) on credit with terms 2/20, net/60. Prepare the journal entries for the sale of 20 grills on August 1, 2014, and upon payment, assuming the customer paid on (1) August 20, 2014 and (2) September 29, 2014. Assume the company records sales net. Allocate Transaction Price, Discounts, Time value.

Reference no: EM132189575

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