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  3. a. record navis, incorporated's sales for a month

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.
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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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