Refer to the information for Bolton above Bolton sold a customer
Refer to the information for Bolton above.
Bolton sold a customer service contract with a price of $37,000 to Sammy’s Wholesale Company. Bolton offered terms of 1/10, n/30 and uses the gross method.
Required:
Prepare the journal entry to record the sale. Then prepare the journal entry assuming the payment is made within 10 days (within the discount period).
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