Practice Exercise 18-2 Grouper Inc. sells goods to Brooks Corp. on account on January 2, 2017. The goods have a sales price of $525,000 (cost of $424,000). The terms are net 30. If Brooks pays within 6 days, however, it receives a cash discount of $7,200. A history of past similar transactions indicates that Brooks will take the cash discount. On January 7, 2017, Brooks makes payment to Grouper for the full sales price.

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Prepare the journal entry(ies) to record the sale and related cost of goods sold for Grouper Inc. on January 2, 2017, and the payment on January 7, 2017. Assume that Grouper records the January 2, 2017, transaction using the net method. (Credit account titles are automatically indented when 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.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 2, 2017Jan. 7, 2017
	(To record sales)
	(To record cost of goods sold)
Jan. 2, 2017Jan. 7, 2017

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Prepare the journal entry(ies) to record the sale and related cost of goods sold for Grouper Inc. on January 2, 2017, and the payment on January 7, 2017. Assume that Grouper records the January 2, 2017, transaction using the gross method. (Credit account titles are automatically indented when 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.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 2, 2017
	(To record sales)
	(To record cost of goods sold)
Jan. 7, 2017