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On June 14, 2017, Shallford Company sold 100 air-conditioning units to Brooks Heating and Cooling.
On June 14, 2017, Shallford Company sold 100 air-conditioning units to Brooks Heating and Cooling. The units were shipped and their titles were transferred to Brooks Heating and Cooling on June 14th 2016. The units are listed for retail at $600 each, but Shallford was granted a 25% trade discount. All of Brooks sales are subject to terms 2/10, n/30. Brooks uses the gross method of accounting for sales discounts.
Required:
a. Prepare the journal entry to record the sale on June 14, 2017.
b. Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on June 22, 2017
c. Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on July 10, 2017
