Sales-related transactionsSayers 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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Description: Sales-related transactionsSayers 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

According to the template given, Sales need to be recorded using the net method. Because under the…

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College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 1CP

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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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