The following selected transactions were completed during July between Snap Company
Snap Company sold merchandise on account to Buckle Co. $11,750,term FOB destination,2/15,n/eom. The cost of the merchandise sold was $7,000.

Debit Accounts Receivable for the amount of sale
Credit Sales Revnue for the amount of sale

Debit COGS for the cost of merchandise
Credit Merchandise Inventory for the cost of merchandise