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On june 1 2008 it made sales of 40000 with terms 315 n45 on

Montoya Co. uses the gross method to record sales made on credit. On June 1, 2008, it made sales of $40,000 with terms 3/15, n/45. On June 12, 2008, Montoya received full payment for the June 1 sale. Prepare the required journal entries for Montoya Co.

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Accounting Basics: On june 1 2008 it made sales of 40000 with terms 315 n45 on

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