Brenda Baileys Textiles, Inc., uses a perpetual inventory system. Enter the following transaction into the accounting equation:

Question:

Brenda Bailey’s Textiles, Inc., uses a perpetual inventory system. Enter the following transaction into the accounting equation:
In February, Brenda Bailey’s sold $500,000 of merchandise on account with terms 2/10, n/30. The cost of the merchandise sold was $230,000.