Bolton Garage Doors Corporation sold merchandise with a price of $22,500 to Sammy's Wholesale Company. Bolton offered

Question:

Bolton Garage Doors Corporation sold merchandise with a price of $22,500 to Sammy's Wholesale Company. Bolton offered terms of 2/10, n/30.

Required:

Prepare the journal entry to record the sale using the gross method. Also, prepare the journal entry assuming the payment is made within 10 days (within the discount period).

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...