Ivanhoe Company sells goods to Pharoah Inc. by accepting a note receivable on January $2,2025.$ The goods have a

sales price of $$599,300($cost of $$490,000).$ The terms are net $30.$ If Pharoah pays within $5$ days, however, it receives a

cash discount of $$9,300.$ Past history indicates that the cash discount will be taken. On January $28,2025,$ Pharoah

makes payment to Ivanhoe for the full sales price. Prepare the journal entries to record the sale and related cost of goods sold for Ivanhoe Company on January $2,2025,$ and the

payment on January $28,2025.$ Assume that Ivanhoe Company records the January $2,2025,$ transaction using the gross method.

$($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No

entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries. Record journal entries in the order

presented in the problem.$)$

$($To record sales$)$

$($To record cost of goods sold$)$Ivanhoe Company sells goods to Pharoah Inc. by accepting a note receivable on January $2,2025.$ The goods have a sales price of

$$599,300($cost of $$490,000).$ The terms are net $30.$ If Pharoah pays within $5$ days, however, it receives a cash discount of $$9,300.$ Past

history indicates that the cash discount will be taken. On January $28,2025,$ Pharoah makes payment to Ivanhoe for the full sales price.Prepare the journal entries to record the sale and related cost of goods sold for Ivanhoe Company on January $2,2025,$ and the

payment on January $28,2025.$ Assume that Ivanhoe Company records the January $2,2025,$ transaction using the net method.

$($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No

entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries. Record journal entries in the order

presented in the problem.$)$

Date

Account Titles and Explanation

Debit

Credit

Jan. $2,2025$

L

$($To record sales$)$

$1$

$($To record cost of goods sold$)$Prepare the journal entries to record the sale and related cost of goods sold for Ivanhoe Company on January $2,2025,$ and the

payment on January $28,2025.$ Assume that Ivanhoe Company records the January $2,2025,$ transaction using the gross method.

$($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No

entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries. Record journal entries in the order

presented in the problem.$)$

$($To record sales$)$

$($To record cost of goods sold$)$