Answer:
a.
Accounts Receivable $17,300 (debit)
Cost of Goods Sold $12,600 (debit)
Sales Revenue $17,300 (credit)
Inventory $12,600 (credit)
b.
Cash $15,916 (debit)
Accounts Receivable $15,916 (credit)
Explanation:
The Perpetual Inventory system records the cost of inventory after every sale.
a. Sale of Sold merchandise on account
Recognize the Revenue and Cost of Sale as follows :
J1
Accounts Receivable $17,300 (debit)
Sales Revenue $17,300 (credit)
J2
Cost of Sales $12,600 (debit)
Merchandise $12,600 (credit)
b.Received payment within the discount period
Recognize the Cash receipts to the extend of amount paid less cash discount of 2%
Cash $15,916 (debit)
Accounts Receivable $15,916 (credit)
Cash Receipt = $17,300 × 92% = $15,916
