Accounting for Sales on Credit: Net Method 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. On December 29 of the current year, Sabre Company sold merchandise for $7,000 on credit terms, 3/10, n/60. Its accounting period ends December 31. 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). Account Name Dr. Cr. a. Answer Answer To record the merchandise sale. b. Answer Answer Answer To record the collection of account. c. Answer Answer Answer To record the collection of account. d. Indicate what should be reported for net accounts receivable on the balance sheet (ignoring cash) and for net sales revenue on the income statement for both the current year and next year assuming 1. Parts a and b occur. 2. Parts a and c occur. Note: Indicate a contra account balance with a negative sign. d. (1) Balance Sheet, Dec 31 Year 1 Year 2 Accounts Receivable Answer Answer Income Statement Year 1 Year 2 Sales Revenue, net Answer Answer d. (2) Balance Sheet, Dec 31 Year 1 Year 2 Accounts Receivable Answer Answer Income Statement Year 1 Year 2 Sales Revenue, net Answer Answer Other Revenue Answer Answer