Concord co. uses the gross method to record sales made on credit. on june 1, 2020, it made sales of $57,000 with terms 2/15, n/45. on june 12, 2020, concord received full payment for the june 1 sale. prepare the required journal entries for concord 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. record journal entries in the order presented in the problem.)

See below.

Explanation:

We record the entries as follows,

First record the total gross sales,

Debit accounts receivables by $57,000

Credit Sales by $57,000

Payment terms provide us that 2% discount if paid within 15 days and no discount thereafter.

We record the payments as,

Cash debit by ($57,000 * 0.98) = $55,860

Discounts allowed debit by ($57,000*0.02) = $1,140

Credit Discount receivable by $57,000

Hope that helps.

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