Spanner Inc. sells $160,000 of women's sportswear to The Bay under credit terms of 2/10, net 30 on August 1, 2014. Spanner's cost of the goods is $76,000, and Spanner receives the appropriate amount of cash from The Bay on August 10, 2014. Assume Spanner Inc. uses the perpetual inventory system.
Journalize Spanner's transactions for August 1, 2014, and August 10, 2014.