Sales-related transactions
Sayers Co. sold merchandise on account to a customer for $83,000 terms 1/10, n/30. The cost of the goods sold was $59,000.
a. Journalize Sayers’ entries to record the sale.
| Accounts Receivable | x | ||
| Sales | x | ||
| Cost of Goods Sold | x | ||
| Inventory | x |
b. Journalize the receipt of payment within the discount period.
| Cash | x | ||
| Accounts Receivable | x |
c. Journalize the entry to record the receipt of payment beyond the discount period of ten days.
| Cash | x | ||
| Accounts Receivable | x | ||
| Sales | x |
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