Spanner Inc. sells $160,000 of women's sportswear to Lululime under credit terms of 2/10, net 30 on August 1, 2017. Spanner's cost of goods sold is $76,000, and Spanner receives the appropriate amount of cash from Lululime on August 10, 2017. Assume Spanner Inc. uses a periodic inventory system.
Journalize Spanner's transactions for August 1, 2017, and August 10, 2017.