Question: On February 1 4 , 2 0 2 4 , Prime Company sold 7 0 air - conditioning units to L&P Heating and Cooling. The

On February 14,2024, Prime Company sold 70 air-conditioning units to L&P Heating and Cooling. The units list for $500 each, but L&P was granted a 20% trade discount. All of Prime's sales are subject to terms 210/, n30/. Prime uses the net method of accounting for sales discounts.
Required:
1. Prepare the journal entry to record the sale.
2 & 3. Prepare the journal entries to record receipt of the payment, assuming the correct amount was received on February 22,2024 and March 10,2024.

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