Gross method for sales discounts Obj. 4 Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30.

The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the gross method of recording sales discounts, journalize the entries to record

(a) the sale,

(b) the receipt of payment assuming it is made within the discount period, and

(c) the receipt of payment assuming it is made beyond the discount period.

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