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Prepare the journal entry to record the sale

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Problem - On March 12, 2016, Admiral Electronics sold 20 fax machines to Cool Stuff Co. for $10,000, subject to terms 2/10, n13 0. Admiral uses the gross method of accounting for sales discounts.

Required -

1. Prepare the journal entry to record the sale.

2. Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on March 20, 2016.

3. Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on April 5, 2016.

Reference no: EM132706145

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