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Accounts Payable Accounts Receivable Cash aliz Cost of Goods Sold Inventory Sales Discounts Sales Revenue Debit Creative Leisure Land Inc. sells $300,000 of women's sportswear
Accounts Payable Accounts Receivable Cash aliz Cost of Goods Sold Inventory Sales Discounts Sales Revenue Debit Creative Leisure Land Inc. sells $300,000 of women's sportswear to Sears under credit terms of 3/10, net / 46 on August 1, 2020. Creative Leisure Land's cost of the goods is $84,000, and Creative Leisure Land receives the appropriate amount of cash from Sears on August 10, 2020. Assume Creative Leisure Land Inc. uses the perpetual inventory system. Journalize Creative Leisure Land's transactions for August 1, 2020, and August 10, 2020. a. Journalize Creative Leisure Land's sale (Record debits first, then credits. Exclude explanations from journal entries.)
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