Sheridan Company sells goods to Skysong Inc. on account on January 1, 2017. The goods have a sales price of $720,000 (cost $580,000). The terms of the sale are net 30. If Skysong pays within five days, it receives a cash discount of $13,000. Past history indicates the cash discount will be taken. Prepare the journal entries for Sheridan for January 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record the sale.) (To record cost of goods sold.) Prepare the journal entry for Sheridan for January 31, 2017, assuming Skysong does not make payment until January 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit