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On February 14, 2017, Conix Company sold 50 air-conditioning units to Tamon Heating and Cooling.
On February 14, 2017, Conix Company sold 50 air-conditioning units to Tamon Heating and Cooling. The units were shipped and their titles were transferred to Tamon Heating and Cooling on February 14, 2017. The units are listed for retail at $700 each, but Tamon was granted a 30% trade discount. All of Prime's sales are subject to terms 2/10, n/30. Conix uses the net method of accounting for sales discounts.
Required:
a. Prepare the journal entry to record the sale on February 14, 2017.
b. Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on February 22, 2017.
c. Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on March 10, 2017.
