Schmitt Industrial Supply offers terms of 4/10, n/30 to its wholesale customers. Schmitt's cost of goods sold is 20% of sales. The company had the following transactions during October: i (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 $7,000 of merchandise to Peabody Co. on account. Do not record the cost of goods sold entry yet. We will do that in the next step. Date Oct 1 Journal Entry Accounts Debit Credit October 1 October 3 October 7 October 8 October 12 October 16 October 31 Sold $7,000 of merchandise to Peabody Co. on account. Sold $2,100 of merchandise to Beckam Corporation, who paid by credit card. The credit card company charges Schmitt a fee of 2% on credit card sales. Sold $19,000 of merchandise to Mandry Company on account. Peabody paid the balance of what it owed for the purchase on October 1. Sold $9,000 of merchandise to Wakeham Enterprises on account. Mandry paid the balance of what it owed for the purchase on October 7. Wakeham paid the balance of what it owed for the purchase on October 12. Requirements 1. 2. Record Schmitt's transactions, including the cost of goods sold entry for each sale. Calculate the net sales revenue for the month