Provide the journal entries for sims to record the sales

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Reference no: EM13938150

SALES DISCOUNTS

Sims Company regularly sells merchandise to Lauber Supply on terms 3/15, n/20 and records sales at gross. During a recent month, the two firms engaged in the following transactions:

a. Sims sold merchandise with a list price of $33,000.

b. Sims sold merchandise with a list price of $48,000.

c. Lauber paid for the purchase in transaction a within the discount period.

d. Lauber paid for the purchase in transaction b after the discount period.

Required:

1. Provide the journal entries for Sims to record the sales in a and b.

2. Provide the journal entry to record Lauber's payment in c.

3. Provide the journal entry to record Lauber's payment in d.

Reference no: EM13938150

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