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ISussIohLocator assignment eBook Calculator Cornerstone Exercise 5-24 (Algorithmic) Sales Discounts Not Taken Bolton sold a customer service contract with a price of $40,000 to Sammys Wholesale Company. Bolton offered terms of 1/10, n/30 and expects Sammy to pay within the discount period. Required: Prepare the journal entry assuming the payment is made after 10 days (after the discount period). If an amount box does not Prepare the journal entry assuming the payment s made after 10 days (after the discount period) I an amount box does not requlre an enty lare t Bonk. Cash . Sales Revenue Accounts Receivable Record collection within discount period Feedback Cheak My Work The gross method records the receivable at the gross (or undiscounted) price. The discount is then recognized if payment is made within the discount penod if payment as not received until after the discount period, the full amount is paid 1237 PM fa ^do) 7/2/2018
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