Problem 5-88A (Algorithmic) Sales Discounts (Appendix SA) Sims Company regularly sells merchandise to Lauber Supply on terms 2/15, 130 and records sales at gross. During a recent month, the two firms engaged in the following transactions: a. Sims sold merchandise with a list price of $34,300 b. Sims sold merchandise with a list price of $48,000. c. Lauber paid for the purchase in Transaction a within the discount period. d. Lauber paid for the purchase in Transaction b after the discount period. 1. Provide the journal entries for Sims to record the sales in Transactions a and b. (a) o o Record sale (b) Record sale 2. Provide the journal entry to record the receipt of Lauber's payment in Transaction c. If an amount box does not require an entry, leave it blank. Record collection of cash within discount period 3. Provide the journal entry to record the receipt of Lauber's payment in Transaction d. (d) Record collection of cash after discount period Record collection of cash after discount period 4. Conceptual Connection What implied annual interest rate water incurringbyfoting to take the sales discount and instead, paying the grous amount after 30 days? Aumea 30 day year and round the percentage to one mal