The gross method to record sales made on credit

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Reference no: EM13723739

A company uses the gross method to record sales made on credit.

On June 10, 2014, the company sold goods worth $200,000 with terms 2/10, n/30 to Customer A.

On June 19, 2014, the company received payment for 1/2 of the amount due from Customer A.

The company’s fiscal year end is on June 30, 2014.

Prepare the journal entries to recognize the 6/10/14 and 6/19/14 transactions in T-account format.

Reference no: EM13723739

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