Accounting for Sales on Credit: Gross Method On Dectmber 29 of the currenty yar, Sabre Company sold mechandse foe 59,000 on credt terms, 3/10, nie0, is accounting, period enids December 31. Requised Provde the followng entries under the grorimechod a. To record the merchandile sale. Orit the cost of goods sold entry. b. To recond collection of the occount, asioming colection took place on antuery 5 of nextyear c. To record collecion of the accourt, assuming callection took place on fitbrumy 15 of next year. - Note: If a line in a jourral emry antrequired for o transaction seiec "WiA' os the occouns name and ieave the Dr. or Cro answer blank (terol Accounting for Sales on Credit: Gross Method On December 29 of the currentyear, Sabre Compary sold merchandise for $9,000 on credit terms, 310, n/60. its accounting period ends December 31. Required Provide the following entries under the gross method. *. To record the merchandise sale. Omit the cost of goods sold entry. b. To record collection of the account, assuming collection took place an January 5 of next year. c. To record collection of the aceount, assuming collection took place on February 15 of next year. - Notes if a line in a journat entry ian't required for a transaction, select "N/A' as the account name and leave the Dr, or Gri. snswer blank (zero) b. To record collection of the rord collection of the account, assuming collection took - Note: If a line in a journal entry isn't required for a transactio ccounts receivable on s with a negative sign. - Note: If a line in a journal entry isn't requir Accounting for Sales on Credit: Gross Method On December 29 of the currentyear, Sabre Company 50 id merchandise for 59,000 an credit terms, 3/10, nvo, its accounting period ends December 31 . Required Provide the following entries under the gross method: a. To recond the merchandise sale. Omit the cost of goods sold entry b. To record collection of the account, assuming collection took place on january 5 of next year. c. To record collection of the account assuming collection took place on February is of next year: - Note: If a line in a joumal entry isnt required for a transectics, select "N/A as the account name and haive the Dr. or G - answer biank (2ero) Account Name Cash Accounts Receivable b. Allowance for Doubtful Accounts Interest Receivable Receivable from Factor Note Receivable Discount on Note Receivable c. Payable to Seller of Receivables Refund Liability Recourse Liability Note Payable Sales Revenue d. Sales Returns ye: Sales Discount Sales Discount Forfeited 1. Financing Revenue 2. I Interest Revenue Cost of Goods Sold Bad Debt Expense - Note: Indicate a contra account balance wit Account Name a. Receivable from Factor Note Receivable Discount on Note Receivable b. Payable to Seller of Receivables Refund Liability Recourse Liability Note Payable Sales Revenue c. Sales Returns Sales Discount Sales Discount Forfeited Financing Revenue Interest Revenue d. 1 Cost of Goods Sold ye: Bad Debt Expense Finance Expense 1. I Interest Expense 2. I Loss on Sale of Note Loss on Sale of Receivables N/A - Note: Indicate a contra account balance wit t. Indicate What should be reported for accounts recewsible on the bolance sheet lignoring cashy snd for net sales tevenutio on the ancome shatenient for beth the curfent year and neit yoar assumine. T. Partsaand b ooctar 2. Parts a ard cocciar - Notet indicate a corntra accounc buance with a tregakive sign Accounting for Sales on Credit: Gross Method On Dectmber 29 of the currenty yar, Sabre Company sold mechandse foe 59,000 on credt terms, 3/10, nie0, is accounting, period enids December 31. Requised Provde the followng entries under the grorimechod a. To record the merchandile sale. Orit the cost of goods sold entry. b. To recond collection of the occount, asioming colection took place on antuery 5 of nextyear c. To record collecion of the accourt, assuming callection took place on fitbrumy 15 of next year. - Note: If a line in a jourral emry antrequired for o transaction seiec "WiA' os the occouns name and ieave the Dr. or Cro answer blank (terol Accounting for Sales on Credit: Gross Method On December 29 of the currentyear, Sabre Compary sold merchandise for $9,000 on credit terms, 310, n/60. its accounting period ends December 31. Required Provide the following entries under the gross method. *. To record the merchandise sale. Omit the cost of goods sold entry. b. To record collection of the account, assuming collection took place an January 5 of next year. c. To record collection of the aceount, assuming collection took place on February 15 of next year. - Notes if a line in a journat entry ian't required for a transaction, select "N/A' as the account name and leave the Dr, or Gri. snswer blank (zero) b. To record collection of the rord collection of the account, assuming collection took - Note: If a line in a journal entry isn't required for a transactio ccounts receivable on s with a negative sign. - Note: If a line in a journal entry isn't requir Accounting for Sales on Credit: Gross Method On December 29 of the currentyear, Sabre Company 50 id merchandise for 59,000 an credit terms, 3/10, nvo, its accounting period ends December 31 . Required Provide the following entries under the gross method: a. To recond the merchandise sale. Omit the cost of goods sold entry b. To record collection of the account, assuming collection took place on january 5 of next year. c. To record collection of the account assuming collection took place on February is of next year: - Note: If a line in a joumal entry isnt required for a transectics, select "N/A as the account name and haive the Dr. or G - answer biank (2ero) Account Name Cash Accounts Receivable b. Allowance for Doubtful Accounts Interest Receivable Receivable from Factor Note Receivable Discount on Note Receivable c. Payable to Seller of Receivables Refund Liability Recourse Liability Note Payable Sales Revenue d. Sales Returns ye: Sales Discount Sales Discount Forfeited 1. Financing Revenue 2. I Interest Revenue Cost of Goods Sold Bad Debt Expense - Note: Indicate a contra account balance wit Account Name a. Receivable from Factor Note Receivable Discount on Note Receivable b. Payable to Seller of Receivables Refund Liability Recourse Liability Note Payable Sales Revenue c. Sales Returns Sales Discount Sales Discount Forfeited Financing Revenue Interest Revenue d. 1 Cost of Goods Sold ye: Bad Debt Expense Finance Expense 1. I Interest Expense 2. I Loss on Sale of Note Loss on Sale of Receivables N/A - Note: Indicate a contra account balance wit t. Indicate What should be reported for accounts recewsible on the bolance sheet lignoring cashy snd for net sales tevenutio on the ancome shatenient for beth the curfent year and neit yoar assumine. T. Partsaand b ooctar 2. Parts a ard cocciar - Notet indicate a corntra accounc buance with a tregakive sign