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 merchandise (b)

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

(b) Collection of the accounts receivable assuming that it occurs during the discount period. (Use the method shown in the chapter for recording sales discounts.)

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