Refer to the data in PE 6-3. Assume that all of the 80 books sold on credit were sold to a single customer and that the terms of the credit sale were 2/10, n/30. Make the journal entry necessary to record the receipt of the cash payment assuming that

(1) The customer paid the balance on the account five days after the purchase and

(2) The customer paid the balance on the account 20 days after the purchase.

Data from PE 6-3

Make the journal entry necessary to record the sale of 175 books at $29 per book. Ninety-five of the books were sold for cash, and 80 were sold on credit.