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Prepare the journal entries to record the sale,

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Reference no: EM13873309

On December 8, 2010, Lynch Incorporated sold $9,000 of merchandise with terms 2/10, n/EOM. On December 18, 2010, collections were made on sales originally billed for $5,000, and on December 31, 2010, additional collections on sales originally billed for $3,000 were received.

Required:

Prepare the journal entries to record the sale, collections, and any required year end adjustments under 

(1) The gross price method, 
(2) The net price method. 

Reference no: EM13873309

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