Navis, Incorporated, has a liberal return policy that allows its customers to return any purchase within $30$ days without question. While following this policy results in more returns than are normal in the industry, Navis management believes that policy helps create customer loyalty, and as a result, it is willing to accept a higher level of returns. In addition, the nature of the products Navis sells means they can easily be returned to its inventory and become avallable to other customers without significant additional cost.

Requlred:

a$.$ Record Navls, Incorporated's sales for a month at $$76,800.$ The items sold cost $$57,600.$ Navis records sales at the total involce amount.

b$.$ Record the return of $$8,400$ of the above sales within the $30-$day return period.

c$.$ Record the recelpt of payment on the remainder of the month's sales, assuming that customers purchasing $$51,800$ 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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Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $$51,800$ 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.

Show less $A$

$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit$],[1,$a$,$Cash,,$8,400,],[,,$Sales discounts,,$1,036,],[,,$Accounts receivable,,,$],[,,,,8,400,]]$

Requiren $0$