Jupiter Company sells goods that have a cost of $450,000 to Danone Inc. for $680,000, with payment due in 1 year. The cash price for these goods is $601,000, with payment due in 30 days. If Danone paid immediately upon delivery, it would receive a cash discount of $6,000.
(a) Prepare the journal entry to record this transaction at the date of sale. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) How much revenue should Jupiter report for the entire year?
What is debited? ?DR 595000
Sales Revenue CR 595000