Question: On May 12, 2021, Falwell Computing sold five computers to Computing Plus for $10,000, subject to terms 3/10, n/30. Falwell uses the net method

On May 12, 2021, Falwell Computing sold five computers to Computing Plus for $10,000, subject to terms 3/10, n/30. Falwell uses the net method of accounting for sales discounts. Required: Complete the following instructions separately for both gross method AND net method of accounting for the following transactions: 1. Prepare the journal entry to record the sale. 2. Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on May 20, 2021. 3. Prepare the journal entry to record receipt of the payment, assuming the correct amount was received on June 5, 2021. Edit Format Table 12pt V Paragraph BI U A T v

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