The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4:

a. Journalize the June 30, 20Y4, adjusting entry for estimated sales discounts.
b. How would sales and accounts receivable be reported on the financial statements for the year ending June 30, 20Y4?

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June 30, 20Y4 Balances Debit Credit $10,000,000 Sales Accounts Receivable Allowance for Sales Discounts Estimated sales discounts that will be taken in fiscal $ 7,000 year ending June 30, 20Y4... $850,000 400