Sales-related transactions Sayers Co. sold merchandise on account to a customer for $86,000 terms 1/10, n/30. The cost of the goods sold was $65,000. 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 ✓ 85,140 ✔ 0 ✓ Sales ✓ 0 ✓ 85,140 ✓ Cost of Goods Sold Inventory ✓ ✓ Feedback Check My Work Correct Cash Accounts Receivable Feedback ✔ Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank.. ✔ 8.8 Check My Work Partially correct 65,000 ✓ 0 ✓ ✓ 0 ✓ 65,000
Sales-related transactions Sayers Co. sold merchandise on account to a customer for $86,000 terms 1/10, n/30. The cost of the goods sold was $65,000. 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 ✓ 85,140 ✔ 0 ✓ Sales ✓ 0 ✓ 85,140 ✓ Cost of Goods Sold Inventory ✓ ✓ Feedback Check My Work Correct Cash Accounts Receivable Feedback ✔ Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank.. ✔ 8.8 Check My Work Partially correct 65,000 ✓ 0 ✓ ✓ 0 ✓ 65,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sales-related transactions
Sayers Co. sold merchandise on account to a customer for $86,000 terms 1/10, n/30. The cost of the goods sold was $65,000.
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.
85,140 ✔
✓
Accounts Receivable
Sales
Cost of Goods Sold
Inventory
Feedback
Check My Work
Correct
Cash
✓
Accounts Receivable
Feedback
Check My Work
Partially correct
0
65,000 ✓
0
0 ✓
b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank.
0
85,140
0
0
✓
✓
65,000 ✔
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.
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