Problem
Jupiter company sells Goods that have a cost of $500,000 to done own Incorporated for $700,000 with payment due in one year. The cash price for these Goods is $610,000 with payment due in 30 days. If the Danone paid immediately upon delivery it would receive a cash discount of $10,000. Jupiter company accepts a note receivable from Danone Incorporated to pay for the goods.
A. Prepare the journal entry to record this transaction at the date of sale Jupiter record sales discounts using the net method there are two entries.
B. How much revenue should you put a report for the entire year?