A company uses the gross method to record sales made on credit.
On June 10, 2014, the company sold goods worth $200,000 with terms 2/10, n/30 to Customer A.
On June 19, 2014, the company received payment for 1/2 of the amount due from Customer A.
The company’s fiscal year end is on June 30, 2014.
Prepare the journal entries to recognize the 6/10/14 and 6/19/14 transactions in T-account format.