Question: Use the information from BE7.2, assuming Restin Co. uses the net method to account for cash discounts. Prepare the required journal entries for Restin Co.

Use the information from BE7.2, assuming Restin Co. uses the net method to account for cash discounts. Prepare the required journal entries for Restin Co.

BE7.2

Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2020, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.

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