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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.
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