**Sales-related Transactions**Sayers Co. sold merchandise on account to a customer for $90,000 with terms 2/10, n/30. The cost of the goods sold was $62,000.**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.- [Dropdown] ____________ [Amount]- [Dropdown] ____________ [Amount]- [Dropdown] ____________ [Amount]- [Dropdown] ____________ [Amount]**b. Journalize the receipt of payment within the discount period.**If an amount box does not require an entry, leave it blank.- [Dropdown] ____________ [Amount]- [Dropdown] ____________ [Amount]**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.- [Dropdown] ____________ [Amount]- [Dropdown] ____________ [Amount]**Note:** This template is used for educational purposes, helping students practice journal entries under the net method in accounting. The dropdowns allow the selection of appropriate account titles, and blank spaces are provided for entering monetary amounts.

Name: **Sales-related Transactions**Sayers Co. sold merchandise on account
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Description: **Sales-related Transactions**Sayers Co. sold merchandise on account to a customer for $90,000 with terms 2/10, n/30. The cost of the goods sold was $62,000.**a. Journalize Sayers’ entries to record the sale, using the net method under a perpetual i

Note: Under net method, Sales is recognized after considering the discount. Net Sales = Sales -…

Business

Accounting

Sayers Co. sold merchandise on account to a customer for $90,000 terms 2/10, n/30. The cost of the goods sold was $62,000. 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. b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. 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.

Sayers Co. sold merchandise on account to a customer for $90,000 terms 2/10, n/30. The cost of the goods sold was $62,000. 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. b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. 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.

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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