Oriole Company sells goods to Sheridan Inc. by accepting a note receivable on January $2,2025.$ The goods have a sales price of $$630,700($cost of $$500,000).$ The terms are net $30.$ If Sheridan pays within $5$ days, however, it receives a cash discount of $$10,700.$ Past history indicates that the cash discount will be taken. On January $28,2025,$ Sheridan makes payment to Oriole for the full sales price.

$($a$)$

Prepare the journal entries to record the sale and related cost of goods sold for Oriole Company on January $2,2025,$ and the payment on January $28,2025.$ Assume that Oriole 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

$($To record sales$)$

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