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Restin Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2017, Restin received full payment for the June 1 sale.Prepare the required journal entries for Restin Co.

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letmeanswer

Explanation:

June 1

                 Accounts Receivable                  50,000

                    Sales Revenue                          50,000

June 12

                      Cash                                      48,500*

                Sales Discounts                           1,500

             Accounts Receivable                   50,000

= $50,000 - ($50,000 X 0.03)

= $48,500

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