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Appendix-1: Net method for sales discounts Schofield Co. sold merchandise on account to Bernard Retail Inc, for $15,000, terms 2/10,n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the net method of recording sales discounts. a. Joumalize the entries to record the sale, If an amount box does not require an entry, leave it blank. Under the net method of recording sales discounts, a sales invoice with credit terms that include a discoune for early payment is recorded at the net amount of the inyoice. b. Journalize the receipt of payment within the discount period. If an amount bok does not require an entry, leave if blank. Journalize the receipt of payment assuming it is made beyond the discount period. If an amount box does not require an entry, leave it blank. r conck My Work If the customer does not pay within the discount perlod, the full invoice amount is received and Sales would be credited for the amount of the disfount