Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the goods sold was $58,000. Journalize Sayers' entries to record (A) the sale, (B) the receipt of payment within the discount period, and (C) the receipt of payment beyond the discount period of ten days. Answer Check Figure: C. $76,500
Journal entry
No | Account and explanation | Debit | Credit |
a | Account receivable | 80000 | |
Sales revenue | 80000 | ||
(To record sales) | |||
Cost of goods sold | 58000 | ||
Inventory | 58000 | ||
(To record cost of goods sold) | |||
b | Cash (80000*98%) | 78400 | |
Sales discount | 1600 | ||
Account receivable | 80000 | ||
(To record amount received) | |||
c | Cash | 80000 | |
Account receivable | 80000 | ||
(To record amount received) |
Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost...
Sales-related transactions Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the goods sold was $67,000. a. Journalize Sayers' entries to record the sale. b. Journalize the receipt of payment within the discount period. c. Journalize the entry to record the receipt of payment beyond the discount period of ten days.
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please fix any errors and fill in all parts. thank you BOOR Show Me HOW பேன் FIL Sales-related transactions Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the goods sold was $58,000. a. Journalize Sayers' entries to record the sale, using the net method under a perpetual inventory system. If an amount box does not require an entry. leave it blank. Accounts Receivable Sales Il Cash Accounts Payable b. Journalize the...
Cenge x Mail - x a Watch X C Chapt x M 2016 2016 X 61523 x ssignmentSession! Locator assignment-take&inprogress Assignment/takeAssignment Main.do?invoker assignments& eBook Show Me How Calculator Sales-related transactions Sayers Co. sold merchandise on account to a customer for $83,000 terms 1/10, The cost of the goods sold was $60,000. a. Journalize Sayers' entries to record the sale. Accounts Receivable_ Sales Cost of Goods Sold 60. Inventory Feedback Partially correct b. Journalize the receipt of payment within the discount...
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