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Prepare the journal entry(ies) to record the sale and related cost of goods sold for Sunland Company on January 2, 2020, and the payment on
Prepare the journal entry(ies) to record the sale and related cost of goods sold for Sunland Company on January 2, 2020, and the payment on January 28, 2020. Assume that Sunland Company records the January 2, 2020, 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 for the amounts.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) Sunland Company sells goods to Danone Inc by accepting a note receivable on January 2, 2020. The goods have a sales price of $639,100 cost of $480,000). The terms are net 30. if Danone pays within 5 days, however, it receives a cash discount of $9.100. Past history indicates that the cash discount will be taken on January 28, 2020, Danone makes payment to Sunland for the full sales price Prepare the journal entry(ies) to record the sale and related cost of goods sold for Sunland Company on January 2, 2020, and the payment on January 28, 2020, Assume that Sunland Company records the January 2, 2020, 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 for the amounts.) Date Account Titles and Explanation Debit Credit (To record sales) of anods sold) (To record sales) (To record cost of goods sold) (To record payment received)
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