Inventory that cost $800 is sold for $1,000, with terms of 2/30, n/60. Give the journal entries to record (a) the sale of merchandise and
(b) collection of the accounts receivable. Assume the sales discount is taken and accounted for using the net method, and a perpetual
inventory system is used. (If no entry is required for a transaction/event, select \"No Journal Entry Required\" in the first account
field.)
Answer is not complete.
No
Transaction
General Journal
1
a(1)
Accounts Receivable
Debit
1,000 X
Credit
Sales Revenue
1,000 X
2
a(2)
Cost of Goods Sold
800
Inventory
800?
3
(b)
Cash
1,000 X
Sales Discounts
Accounts Payable
1,000 Γ