Question $1$ of $7$

$/1\mathrm{.}5$

Current Attempt in Progress

On June $3,$ Buffalo plc sold to Arquette Company merchandise having a sales price of $6,400$ with terms of $\frac{3}{10},\frac{n}{60}.$ An invoice totaling $96,$ terms $\frac{n}{30},$ was received by Arquette on June $8$ from John Booth Transport Service for the freight cost. On June $12,$ the company received a check for the balance due from Arquette Company.

$($a$)$

Prepare journal entries on the Buffalo plc books to record sales and receivables for 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.

$($If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.$)$

No$.$

Date

Account Titles and Explanation

Debit

Credit

$(1)$

Accounts Receivable