Inventory that cost $580 is sold for $1,100, with terms of 2/30, n/60. Give the journal...

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Inventory that cost $580 is sold for $1,100, with terms of 2/30, n/60. Give the journal entries to record (a) the sale of merchandise and (b) collection of the accounts receivable. Assume the sales discount is taken and accounted for using the gross method, and a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Consolidated Table 2 3. Record the sales on account of $1,100 on terms 2/30, n/60. Note: Einter debits before credits. Transaction General Journal Debit Credit a(1) Clear entry View Consolidated Table Record entry View transaçtion list 1 Record the sales on account of $1,100 on terms 2/30, n/60. 2 Record the cost of goods sold of $580. 3 Record the receipt of payment for sales on account. Inventory that cost $580 is sold for $1,100, with terms of 2/30, n/60. Give the journal entries to record (a) the sale of merchandise and (b) collection of the accounts receivable. Assume the sales discount is taken and accounted for using the gross method, and a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Consolidated Table 2 3. Record the sales on account of $1,100 on terms 2/30, n/60. Note: Einter debits before credits. Transaction General Journal Debit Credit a(1) Clear entry View Consolidated Table Record entry View transaçtion list 1 Record the sales on account of $1,100 on terms 2/30, n/60. 2 Record the cost of goods sold of $580. 3 Record the receipt of payment for sales on account.

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Journal Entries Date Accounts Title Debit Credit Accounts Rece... View the full answer