(the accounts on the bottom left can be changed)

Effects of Sales Discounts Citron Mechanical Systems makes all sales on credit, with terms 1/15, n/30. During the year, the list price (prediscount) of services provided was $687,100. Customers paid $481,700 (list price) of these sales within the discount period and the remaining $205,400 (list price) after the discount period. Citron uses the net method of recording sales. Required: 1. Compute the amount of sales that Citron recorded for the year. $ 2. Compute the amount of cash that Citron collected from these sales. $ 3. Assuming the net method was used for all sales, prepare a summary journal entry to record these sales and a second summary entry to record the cash collected. If an amount box does not require an entry, leave it blank. Accounts Receivable 0 Sales Revenue 0 Cash Sales Revenue 111 Accounts Receivable