Schmitt Industrial Supply offers terms of $\frac{1}{10},\frac{n}{30}$ to its wholesale customers. Schmitt's cost of goods sold is $30\%$ of sales. The company had the following transactions during October:

$($Click the icon to view the transactions.$)$

Read the requirements.

Requirement $1.$ Record Schmitt's transactions, including the cost of goods sold entry for each sale. $($Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.$)$

October $1$: Sold $$3,000$ of merchandise to Picano Co$.$ on account. Do not record the cost of goods sold entry yet. We will do that in the next step.

Journal Entry

$\backslash$table$[[$Date$,$Journal Entry,$],[$Oct $1,$ Accounts,Debit$],[,,],[,,]]$

$$

$$More info

$\%$ of sa

October $1$ Sold $$3,000$ of merchandise to Picano Co$.$ on account.

October $3$ Sold $$1,900$ of merchandise to Beardsley Corporation, who paid by credit card. The credit card company charges Schmitt a fee of $3\%$ on credit card sales.

October $7$ Sold $$28,000$ of merchandise to Mogley Company on account.

October $8$ Picano paid the balance of what it owed for the purchase on October $1.$

October $12$ Sold $$12,000$ of merchandise to Wakeham Enterprises on account.

October $16$ Mogley paid the balance of what it owed for the purchase on October $7.$

October $31$ Wakeham paid the balance of what it owed for the purchase on October $12.$

Points: $0$ of $4$

Schmitt Industrial Supply offers terms of $\frac{1}{10},\frac{n}{30}$ to its wholesale customers. Schmitt's cost of goods sold is $30\%$ of sales. The company had the following transactions during October:

$(1)($Click the icon to view the transactions.$)$

Read the requirements.

Requirement $1.$ Record Schmitt's transactions, including the cost of goods sold entry for each sale. $($Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any journal entries.$)$

October $1$: Sold $$3,000$ of merchandise to Picano Co$.$ on account. Do not record the cost of goods sold entry yet. We will do that in the next step.

$\backslash$table$[[,,,],[,$Accounts,Debit,Credit$],[$Oct $1,,?,7],[,,],[,,$