when recording the journal entry should I also be including an entry for COGS? Does this entry affect my Trial balance?

i.e

cash. 1960 COGS. 1000 Sales rev. 1960 Inventory. 1000

Trial Balance. start balance. ending balance cash. 50938.00. 52898.00 Inventory. 84720.00. 83720.00 COGS. 0.00. 1000.00 Sales Revenue 132725.00. 134685.00

Also

I forgot to ask about discount.

customer bought 40 bags (originally 50 each) and received a 2% discount.

do i have to account for the discount in the journal entry?

26 Project 15: Merchand ES Merchandise Sales with Discount Account Title Cash Accounts receivable Inventory Supplies Prepaid insurance 62,128 275 Fido's Food Mart Adjusted Trial Balance December 31, 20XX Debits Credits 1960 + 093852 898 12,250 84,720 650 320 Equipment 30,550 Vehicle 12,250 Accumulated depreciation - Equipment and vehicle Accounts payable Unearned revenue (gift cards) Bonds payable (mature 12/31/XX) 12,000 V Common stock (200 shares @ $210/share, par $210) Retained earnings Sales revenue 1960 132,725 34685 Less: sales discount Cost of goods sold Operating expenses Depreciation expense Insurance expense Rent expense 5,750 Supplies expense Wages expense 15,500V Totals 249,128 249,128 42,000 V 34,840 v 160V 1,200 V 251.038 26 Project 15: Merchand ES Merchandise Sales with Discount Account Title Cash Accounts receivable Inventory Supplies Prepaid insurance 62,128 275 Fido's Food Mart Adjusted Trial Balance December 31, 20XX Debits Credits 1960 + 093852 898 12,250 84,720 650 320 Equipment 30,550 Vehicle 12,250 Accumulated depreciation - Equipment and vehicle Accounts payable Unearned revenue (gift cards) Bonds payable (mature 12/31/XX) 12,000 V Common stock (200 shares @ $210/share, par $210) Retained earnings Sales revenue 1960 132,725 34685 Less: sales discount Cost of goods sold Operating expenses Depreciation expense Insurance expense Rent expense 5,750 Supplies expense Wages expense 15,500V Totals 249,128 249,128 42,000 V 34,840 v 160V 1,200 V 251.038