on May 1, 2020, People's Networks sold computer networking supplies to Florida Autos for $32,600. The cost of the supplies is 74,670. Instead of paying immediately, Florida Autos signed a note receivable with 7% annual interest, payable in eight months with the principle amount. People's Networks has a year end of October 31. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number For transaction with two debits or credits, enter the debit accounts in alphabetical order followed by the credit accounts in alphabetical order a) Record the journal entry when the sale is made; assume People's Networks uses the perpetual inventory system. Date Account Title and Explanation Debit Credit May 1 Accounts Receivable 32600 Cost of Goods Sold 32600 To record sales for notes receivable May ! To record cost of goods sold