Accounting for Sales on Credit: Net Method

On December $29$ of the current year, Sabre Company sold merchandise for $$6,000$ on credit terms, $\frac{3}{10},\frac{n}{60}.$ Its accounting period ends December $31.$

Required

Provide the following entries under the net method.

a$.$ To record 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 $15$ of next year.

Note: If a line in a journal entry isn't required for a transaction, select $"$N$/$A$"$ as the account name and leave the Dr$.$ or $Cr.$ answer blank $($zero$).$

$\backslash$table$[[$Account Name,$\backslash$table$[[$Dr$.],[6,000]],Cr.$

$0,],[$a$.,$Accounts Receivable,$v,x$

BusinessCourse

Course Content $/$ Chapter $8/$ Ch$.8$ Assignment due $\frac{3}{28}$

Ch$.8$ Assignment due $3/28$

Accounting for Sales on Credit: Net Method

On December $29$ of the current year, Sabre Company sold merchandise for $$6,000$ on credit terms, $\frac{3}{10},\frac{n}{60}.$ Its accounting period ends December $31.$

Required

Provide the following entries under the net method.

a$.$ To record 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 $15$ of next year.

Note: If a line in a journal entry isn't required for a transaction, select $"$N$/$A$"$ as the account name and leave the Dr$.$ or Cr$.$ answer blank $($zero$).$

To record the collection of account.