Journalize the following transactions for a merchandiser tha

Journalize the following transactions for a merchandiser that uses the perpetual inventory system.
On January 8, inventory was sold for $6,000 on account. Credit terms were 3/15, n/30 (cost $4,500 )

On January 17, cash was received in full settlement of the January 8 sale.
What will be an ideal response

ANSWER

Jan. 8 Accounts Receivable 6,000
Sales 6,000

Cost of Goods Sold 4,500
Merchandise Inventory 4,500

Jan. 17 Cash 5,820
Sales Discounts ($6,000 × .03 ) 180
Accounts Receivable 6,000