Sales revenues were $20,000, Sales returns and allowances were $300, Sale discounts were $700,

This was originally booked as accounts receivable $ 20,000 and sales $20,000. Cost of goods sold were $12,000 and all other expenses totaled $4,500 What are net sales? Assume all transactions are in cash and book journal entries for original sale, sale discounts ad returns.

4) Prepare entries for a credit sale of $100,000 terms 2/10 N30 using the gross method.

5) Prepare entries for all the cash being received by the 8^th day from the sale