On June 3, 2012, Irvine Corporation sells $45,000 of merchandise to a customer on account with terms

Question:

On June 3, 2012, Irvine Corporation sells $45,000 of merchandise to a customer on account with terms of 2/10,n/30

Prepare the journal entries to:

A) Record the sale using the gross method.

B) Assume the payment is not received until June 21,2012.

(If an amount box does not require an entry, leave it blank.)

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...