Harwell Company manufactures automobile tires. On July 15, 2016, the company sold 1,700 tires to the Nixon Car Company for $35 each. The terms of the sale were 3/15, n/30. Harwell uses the gross method of accounting for cash discounts.
Required:
1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)