Accounting for Sales on Credit: Gross Method On December 29, 2020, Sabre Company sold merchandise for $1,200 on credit terms, 3/10, n/60. The accounting period ends December 31. Provide the following entries under the gross method. Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account name and leave the Dr. and Cr. answers blank (zero). a. Record the 2020 sale. Omit the cost of good sold entry. Account Name Dr. Accounts Receivable 1,200 Sales Revenue 1,200 Cr. 0 0 b. Record collection of the account, assuming collection took place on January 5, 2021. Account Name Dr. Cr. Cash 1,140 x 0 Sales Discount (60) X 0 Accounts Receivable 0 2,000 X c. Record collection of the account, assuming collection took place on April 1, 2021. Account Name Dr. Cr. Cash 1,200 0 Accounts Receivable 0 1,200 d. Indicate what should be reported on the balance sheet (ignoring cash) and income statement for both 2020 and 2021. Note: Indicate a contra account balance with a negative sign. 2021 1. First assume parts a and boccur. Balance Sheet, Dec 31 Accounts Receivable Income Statement Sales Revenue, net 0 2020 1,200 2020 1,200 2021 (60) X