a. On 9/1 Year 7 SALES of $10,000 of merchandise is made on credit (i.e., ACCOUNTS RECEIVABLE). The COST OF GOODS SOLD (.e., the cost of INVENTORY sold) was $6,000. The terms of the sale are 2/10, net 30. Phrase Account Category Affect Dr. or CC 1st: 1 AL SER E contra + Dr Cr 2nd: AL SE RE contra + - Dr Cr 3rd: AL SE RE contra + Dr Cr 4th: AL SE RE contra Dr Cr O Accounts Debit Credit b. On 9/10 Year 7 $8,000 of ACCOUNTS RECEIVABLE is collected in CASH, less the 2% SALES DISCOUNT Phrase Account Category Affect Dr. or C Ist: AL SE RE contra Dr Cr 2nd: AL SE RE contra + Dr Cr 3rd: AL SE RE contra + - Dr CE Accounts Debit Credit