Question: (Appendix) SALES RECORDED GROSS. Nevada Company sold merchandise with a list price of $12,500 to Small Enterprises on terms 3/15, n/30. Nevada records sales net

(Appendix) SALES RECORDED GROSS. Nevada Company sold merchandise with a list price of $12,500 to Small Enterprises on terms 3/15, n/30. Nevada records sales net of discount. LO2 REQUIRED:

1. Prepare the entries to record this sale in Nevada’s journal.

2. Prepare the entry for Nevada’s journal to record receipt of cash for the sale within the discount period.

3. Prepare the entry for Nevada’s journal to record receipt of cash for the sale after the discount period.

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