Name(s) Class Time In-Class Case #6 Chapter 6 1. Newton's Cycles sells inventory on credit terms of 2/15, N/30. A sale invoiced at $1,500 (cost of sales $975) was made to a customer on February 1. Newton's Cycles uses a perpetual inventory system. Required Prepare the journal entry to record: a) The credit sale; b) The collection of the account on February 9; and c) The collection of the account on March 2 instead of February 9. 2. On March 4, Newton's Cycles purchased bicycles and accessories to sell from a supplier on credit, invoiced at $9,000; the terms were 3/10, N/30. Newton's Cycles uses a perpetual inventory system. Required Prepare the journal entry to record: a) The credit purchase; b) The payment of the account on March 12; and c) The payment of the account on March 28 instead of March 12