On February $14,2024,$ Prime Company sold $50$ 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 $\frac{2}{10},\frac{n}{30}.$ Prime uses the net method of accounting for sales discounts.

Required:

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 $10,2024.$

Complete this question by entering your answers in the tabs below.

Req $2$ and $3$

Prepare the journal entry to record the sale.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[\backslash$table$[[$February $14,],[2024]],,,],[,,,]]$