Question #4 (a, b, c)

Merchandise costing $2, 700 is sold for $3, 700 on terms 2/10, n/30. If the buyer pays within the discount period, prepare the journal entries needed at the time of sale and collection, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record the sales on account of $3, 700 on terms 2/10, n/30. Record the cost of goods sold of $2, 700. Record during the discount period the payment in full for the sales on account