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Make journal entry on april assume kelvin uses gross method

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On April 2, Kelvin sold $40,000 of inventory items on credit with the terms 1/10, net 30. Payment on $24,000 sales was received on April 8 and the remaining payment on $16,000 sales was received on April 27.

Problem 1: Assuming Kelvin uses the net method of accounting for sales discounts, please make journal entries on April 2, April 8, and April 27

Problem 2: Assuming Kelvin uses the gross method of accounting for sales discounts, please make journal entries on April 2, April 8, and April 27

Reference no: EM132839662

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