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Prepare the required entries

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Question - On June 1, 2017, ABC Corp. sold and shipped merchandise with a list price of $70,000 to a customer, CCC Company on account. ABC allowed a volume trade discount of 15%. Credit terms were 2/15, n/40 and the sale was made f.o.b. shipping point. Management's accounting policy indicates that company records inventory purchases using the gross method.

1. On June 2, ABC prepaid $1,000 of delivery costs for their customer, CCC Company as an accommodation.

2. On June 12, 2017, ABC received from CCC a remittance in full payment.

3. Using the attached T-account template, prepare the required entries.

Reference no: EM131692433

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