Question

Brief Exercise 7-2

Restin Co. uses the gross method to record sales made on credit. On June 1, 2014, it made sales of $57,900 with terms 3/15, n/45. On June 12, 2014, Restin received full payment for the June 1 sale.

Prepare the required journal entries for Restin Co. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

June 1

June 12

Date

Account Titles and Explanation

Debit

Credit

June 1

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June 12

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