K Sales Discounts Taken Gordon's Grocers purchases bread from Buddy's Bread Company at $1.70 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 110,000 loaves of Buddy's bread. Buddy offered credit to Gordon's at terms of 1/15, n/30. Buddy expects Gordon to pay within the discount period. Required: If an amount box does not require an entry, leave it blank. Prepare the journal entry to record the sale using the net method. Hint: In calculating your answer, use one minus the discount rate (eg. 1-0.02 .98) Accounts Receivable Sales Revenue Record sale Feedback 88 Then, prepare the journal entry assuming the payment is made within 10 days (within the discount period). Cash Accounts Receivable Record collection within discount period 88