Brief Exercise 7-2
Restin Co. uses the gross method to record sales made on credit. On June 1, 2014, it made sales of $69,000 with terms 4/15, n/45. On June 12, 2014, Restin received full payment for the June 1 sale.
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Question & Answer: Restin Co. uses the gross method to record sales made on credit. On June 1, 2014, it made sales of $…..
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Prepare the required journal entries for Restin Co. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
|Date||Account Titles and Explanation||Debit||Credit|