Question: C: [Show all work in detail, step-by -step, with explanations] and only answer if you are absolutely certain, please. On June 3, Atta Company sold

C: [Show all work in detail, step-by -step, with explanations] and only answer if you are absolutely certain, please.

On June 3, Atta Company sold to Hammond Inc. merchandise having a sale price of $1,500 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $45, terms n/30, was received by Hammond on June 8 from Boar Transportation Services for the freight cost. On June 12, the company received a check for the balance due from Hammond.

Instructions

(a) Prepare journal entries on the Atta Company books to record all the events noted above under each of the following bases.

(1) Sales and receivables are entered at gross selling price.

(2) Sales and receivables are entered at net of cash discounts.

(b) Prepare the journal entry under basis 2, assuming that Hammond did not remit payment until July 29.

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