Question

Scheduled Co. Sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the gross method of recording sales discounts. 
A. Journalize the entries to record the sale on December 31.

B. Journalize the entries to record the receipt of payment assuming it is made within the discount period on December 31. 
C. Journalize the entries to record the receipt of payment assuming it is made beyond the discount period on December 31. 

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