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Sales-related transactions Sayers Co. apld merchandise on account to a customer for $89,000 terms 1/10, nv/30. The cost of the goods sold was $59,000 a. Journalize Sayers entries to record the sale. Accounts Receivable 88,110 Sales 88,110 Cost of Goods Sold 59,000 Inventoy 59,000 b. Journalize the receipt of payment within the discount period. e. Journalize the entry to record the receipt of paymest beyond the discount period of ten days
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solution: 01 Account title Q2 a) 2. a and c Debit Credit 88110 a Account receivable sales 88110 b) Asset turnover sales/average assets Amazon Netflix 1.88 88988/((40159+54505)/2) 5505/(5413+7057)/2 (89000*0.99) 0.88 cost of goods sold inventory 59000 c) Amazon as it has higher asset turnover ratio 59000 b cash 88110 Account receivable 88110 c cash 89000 Account receivable Sales Discounts Forfeited 88110 890 Sheet81 Sheet2 Sheet83Sheet84 Sheet85Sheet86 Shee7 Sheet88 Sheet9 Sheet90 ENG UK 13/10/2018 18:46

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