Prepare the journal muy dummy JECTIVE eason has proved Harry uses terms of Brief Exercise 5-44 Sales Discounts Harry Gardner provides tax services for small businesses. This year's tax season ha especially lucrative for Harry: he earned $45,000 for providing his services. Harry usest 1/10, n/30 in billing his customers. Required: 1. Prepare the necessary journal entries to record the sale under the gross method. 2. Prepare the necessary journal entries to record collection of the receivable assuming the che tomer pays within 10 days. 3. Prepare the necessary journal entries to record collection of the receivable assuming the cus tomer pays after 10 days. brief Exercise 6-33 Applying the Cost of Goods Sold Model Iton Company reported inventory of $60,000 at the beginning of 2013. During the year, it hased inventory of $625,000 and sold inventory for $950,000. A count of inventory at the of the year determined that the cost of inventory on hand was $50,000. Required: 1 What was Milton's cost of goods sold for 2013? 1 What is Milton's gross margin for the year