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a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500....

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Accounting

a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount.
b. Record the return of $7,500 of the above sales within the 30-day return period.
c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases.
Complete this question by entering your answers in the tabs below.
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Required C
Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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\table[[No,Transaction,General Journal,Debit,Credit],[,a,Cash,49,000,],[,,Sales discounts,1,000,],[,,Accounts receivable,,50,000]]
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