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Sales-related transactions Sayers Co. sold merchandise on account to a customer for $83,000 terms 1/10, n/30. The cost of the goods sold was $59,000. a.  Journalize Sayers’ entries to record the sale.   Accounts Receivable                  x   Sales               x     Cost of Goods Sold                 x   Inventory               x   b.  Journalize the receipt of payment within the discount period.   Cash             x   Accounts Receivable          x   c.  Journalize the entry to record the receipt of payment beyond the discount period of ten days.   Cash                 x   Accounts Receivable            x     Sales            x

Sales-related transactions Sayers Co. sold merchandise on account to a customer for $83,000 terms 1/10, n/30. The cost of the goods sold was $59,000. a.  Journalize Sayers’ entries to record the sale.   Accounts Receivable                  x   Sales               x     Cost of Goods Sold                 x   Inventory               x   b.  Journalize the receipt of payment within the discount period.   Cash             x   Accounts Receivable          x   c.  Journalize the entry to record the receipt of payment beyond the discount period of ten days.   Cash                 x   Accounts Receivable            x     Sales            x

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 26MC: A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize...
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Sales-related transactions

Sayers Co. sold merchandise on account to a customer for $83,000 terms 1/10, n/30. The cost of the goods sold was $59,000.

a.  Journalize Sayers’ entries to record the sale.

  Accounts Receivable                  x
  Sales               x  
  Cost of Goods Sold                 x
  Inventory               x  

b.  Journalize the receipt of payment within the discount period.

  Cash             x
  Accounts Receivable          x  

c.  Journalize the entry to record the receipt of payment beyond the discount period of ten days.

  Cash                 x
  Accounts Receivable            x  
  Sales            x  
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