Sales-related transactions

Sayers Co. sold merchandise on account to a customer for $83,000 terms 1/10, n/30. The cost of the goods sold was $65,000.

a. Journalize Sayers entries to record the sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank.

	Accounts Receivable
	Sales
	Cost of Goods Sold
	Inventory

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Partially correct

b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank.

	Cash
	Accounts Receivable