**Sales-Related Transactions: An Educational Example**Sayers Co. sold merchandise on account to a customer for $90,000 with terms 1/10, n/30. The cost of goods sold was $61,000.### a. Journalize Sayers' Entries to Record the SaleUsing the net method under a perpetual inventory system:- **Accounts Receivable:** - Debit: $88,200- **Sales:** - Credit: $88,200- **Cost of Goods Sold:** - Debit: $6,100- **Inventory:** - Credit: $6,100### b. Journalize the Receipt of Payment Within the Discount Period- **Cash:** - Debit: $88,200- **Accounts Receivable:** - Credit: $88,200### c. Journalize the Entry to Record the Receipt of Payment Beyond the Discount Period- **Cash:** - Debit: $90,000- **Accounts Receivable:** - Credit: $88,200- **Discount Forfeited (or similar account):** - Credit: $1,800This example illustrates the recording of sales transactions and the accounting for discounts within the discount period as well as after it. ### Accounting Journalization Exercise#### a. Record the Sale Using the Net MethodJournalize Sayers’ entries to record the sale under a perpetual inventory system. If an amount box does not require an entry, leave it blank.- **Accounts Receivable** - Debit: $88,200 - (Credit column is filled with an "X" indicating no entry) - **Sales** - Credit: $88,200 - (Debit column is filled with an "X" indicating no entry)- **Cost of Goods Sold** - Debit: $6,100 - (Credit column is filled with an "X" indicating no entry)- **Inventory** - Credit: $6,100 - (Debit column is filled with an "X" indicating no entry)#### b. Receipt of Payment Within the Discount PeriodJournalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank.- **Cash** - Debit: $88,200 - (Credit column is filled with an "X" indicating no entry)- **Accounts Receivable** - Credit: $88,200 - (Debit column is filled with an "X" indicating no entry)#### c. Receipt of Payment Beyond the Discount PeriodJournalize 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** - Debit: $90,000 - (Credit column is filled with an "X" indicating no entry)- **Accounts Receivable** - Credit: $88,200 - (Debit column is filled with an "X" indicating no entry)- **Sales** - Credit: $1,800 - (Debit column is filled with an "X" indicating no entry)

Name: **Sales-Related Transactions: An Educational Example**Sayers Co. sold
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Description: **Sales-Related Transactions: An Educational Example**Sayers Co. sold merchandise on account to a customer for $90,000 with terms 1/10, n/30. The cost of goods sold was $61,000.### a. Journalize Sayers' Entries to Record the SaleUsing the net method

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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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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