Question: Inventory that cost $ 500 is sold for $ 700, with terms of 2/10, n/30. Give the journal entries to record (a) the sale of

Inventory that cost $ 500 is sold for $ 700, with terms of 2/10, n/30. Give the journal entries to record (a) the sale of merchandise and (b) collection of the assuming that it occurs during the discount period and that a perpetual inventory system is used.

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