Record the cost of goods sold of $84,500. Note: Enter debits before credits. Transaction Cre General Journal Cost of Goods Sold Accounts Payable Debit 84,500 Merchandise costing $1,500 is sold for $2.500 on terms V10, /30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit? Net Sales Gross Profit ces