Question

Bookmarks People Tab Window Help 10 0 CengageNow Purchase-Relatex Journaize entrie x Upload Docume x a valuation sheet takeAssignment/takeAssignmentMain.doFinvokerStake AssignmentSessionLocatoreBinprogressefalse facebook Twitter YouTube LotterbondYour MOD - Movies, T. MicrosoftWord Barstool Sports Rotten Tom COOK Show Me How T o Printem Sales-related transactions Sayers Co. sold merchandise on account to a customer for $90,000 terms 1/10, /30. The cost of the goods sold was $58,000 a. Journalize Sayers' entries to record the sale Accounts Receivable Sales Paracord b. Journalize the receipt of payment within the discount period

Answer 1

The credit terms are allowed to the customers so that the payment can be made by them within time to avail the discount offer. The following transaction shows the recording of the sales transaction on credit terms.

890000 Accounts Receirable $90000 sales I bening goods bobl sald) Cost of Goods sold & $58000 u Inventory $ 58000 (bening coas charged to Inventory) Cash & Dr 8 89100 a A counts Receivable $89100 (beeig cash payment Reed) D 8900 Salo aliscount Accounts Recepreble (bening & Sales discount recorded) of payment Reed after expiry af credit i TeroyA A Luv of Cash Dr . $90000 I Accounts Recerable button as (bewy Rayment Red for $ 90000 sales)