SALES DISCOUNTS
Sims Company regularly sells merchandise to Lauber Supply on terms 3/15, n/20 and records sales at gross. During a recent month, the two firms engaged in the following\ transactions:
a. Sims sold merchandise with a list price of $33,000.
b. Sims sold merchandise with a list price of $48,000.
c. Lauber paid for the purchase in transaction a within the discount period.
d. Lauber paid for the purchase in transaction b after the discount period.
SALES DISCOUNTS