P & G Auto Parts sells parts to Sheridan Car Repair during 2021. P&G offers rebates of 2% on purchases up to $60000 and 3% on purchases above $60000 if the customers purchases for the year exceed $200000. In the past, Sheridan normally purchases $300000 in parts during a calendar year. On March 25, 2021, Sheridan Car Repair purchased $79000 of parts. The journal entry to record the purchase includes a credit to Sales Revenue for $77230. credit to Sales Revenue for $77800. debit to Accounts Receivable for $79000. debit to Accounts Receivable for $77800.

P & G Auto Parts sells parts to Sheridan Car Repair during 2021. P&G offers rebates of 2% on purchases up to $60000 and 3% on purchases above $60000 if the customer's purchases for the year exceed $200000. In the past, Sheridan normally purchases $300000 in parts during a calendar year. On March 25, 2021, Sheridan Car Repair purchased $79000 of parts. The journal entry to record the purchase includes a credit to Sales Revenue for $77230. credit to Sales Revenue for $77800. debit to Accounts Receivable for $79000. debit to Accounts Receivable for $77800