Question: Restin Co. uses the gross method to record sales made on credit. On June 1, 2010, it made sales of $50,000 with terms 3/15, n/45.

Restin Co. uses the gross method to record sales made on credit. On June 1, 2010, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2010, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.

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