Sales Discounts Taken Gordon's Grocers purchases bread from Buddy's Bread Company at $1.85 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 121,000 loaves of Buddy's bread. Buddy offered credit to Gordon's at terms of 1/15, n/30. Buddy expects Gordon to pay within the discount period Required: If an amount box does not require an entry, leave it blank. Prepare the journal entry to record the sale using the net method. Hint: In calculating your answer, use one minus the discount rate (eg. 10.02=.98 ) X X Record sale Feedback Check My Work For customers expected to take the discount, sales revenue should be recorded at the net amount; For customers expected to fail to pay in the discount period, sales revenue should be recorded at the gross amount. Then, prepare the journal entry assuming the payment is made within 10 days (within the discount period). Record collection within discount period