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Restin Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2017, Restin received full payment for the June 1 sale.Prepare
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Restin Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2017, Restin received full payment for the June 1 sale.Prepare the required journal entries for Restin Co.

User The Smallest
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Step-by-step explanation:

June 1

Accounts Receivable 50,000

Sales Revenue 50,000

June 12

Cash 48,500*

Sales Discounts 1,500

Accounts Receivable 50,000

= $50,000 - ($50,000 X 0.03)

= $48,500

User ISW
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