Sales-related transactions

Sayers Co. sold merchandise on account to a customer for $80,000 terms 1/10, n/30. The cost of the goods sold was $64,000.

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 PayableAccounts ReceivableCashInterest ExpenseSalesAccounts Receivable	Accounts Receivable	Accounts Receivable
	Accounts PayableAccounts ReceivableCashInterest ExpenseSalesSales	Sales	Sales
	Accounts PayableCashCost of Goods SoldInterest ExpenseInventoryCost of Goods Sold	Cost of Goods Sold	Cost of Goods Sold
	Accounts PayableCashCost of Goods SoldInterest ExpenseInventoryInventory	Inventory	Inventory

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

	Accounts ReceivableCashCost of Goods SoldInventorySalesCash	Cash	Cash
	Accounts ReceivableCashCost of Goods SoldInventorySalesAccounts Receivable	Accounts Receivable	Accounts Receivable

c. Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank.

	Accounts ReceivableCashCost of Goods SoldInventorySalesCash	Cash	Cash
	Accounts ReceivableCashCost of Goods SoldInterest ExpenseInventoryAccounts Receivable	Accounts Receivable	Accounts Receivable
	CashCost of Goods SoldInterest RevenueInventorySalesSales	Sales	Sales