Eatable Company engaged in the following transactions during the month of July:
July 1 Sold merchandise to A Company for 50,000, 2/10, n/30.
July 2 Sold merchandise to B Company for 200,000, 2/10, n/30.
July 12 Received payment from B Company for the July 2 sale.
July 30 Received payment from A Company for the July 1 sale.
Required:
a. Prepare journal entries using Gross method and Net method.