Sayers Co. sold merchandise on account to a customer for $90,000 terms 1/10, n/30. The cost of the goods sold was $61,000. 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 v 88,200 Sales v 88,200 Cost of Goods Sold v 6,100 Inventory 6,100 b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. Cash v 88,200 Accounts Receivable v 88,200 c. Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. Cash v 90,000 Accounts Receivable v 1,800

Sayers Co. sold merchandise on account to a customer for $90,000 terms 1/10, n/30. The cost of the goods sold was $61,000. 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 v 88,200 Sales v 88,200 Cost of Goods Sold v 6,100 Inventory 6,100 b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. Cash v 88,200 Accounts Receivable v 88,200 c. Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. Cash v 90,000 Accounts Receivable v 1,800

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Description: Salės-rélated transactionsSayers Co. sold merchandise on account to a customer for $90,000 terms 1/10, n/30. The cost of the goods sold was $61,000.a. Journalize Sayers' entries to record the sale, using the net method under a perpetual inventory sy

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 11MC: Which of the following describes features of a perpetual inventory system? A. Technology is normally...

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