collections on sales originally billed for $5,000 were received. Required: 1. Prepare the journal entries to record the sale, collections, and any required year-end adjustments assuming that Lymch records accounts receivable and sales at (a) the aross price and (b) the net orice. seneral Joumal Shaded cells have feedback. ieneral Joumal instructions Question not attempted. axt Level Shaded cells have feedback. X scount period (assume no additional costs to the loan)? Iditional Instruction re customer would have to pay Lynch X days sooner to take advantage of the 2% discount. Assuming 365 days in a year, 2% interest for X days is equivalent to an inual interest rate of X. Therefore, with the assumption of no additional costs to the loan, any loan at a rate this rate would be advantageous for Lynch's customer. a. Prepare the journal entries to record the sale, collections and any required year-end adjustments assuming that Lynch records accounts receivable and sales at the gross price. How does grading work? collections on sales originally billed for $5,000 were received. Required: 1. Prepare the journal entries to record the sale, collections, and any required year-end adjustments assuming that Lymch records accounts receivable and sales at (a) the aross price and (b) the net orice. seneral Joumal Shaded cells have feedback. ieneral Joumal instructions Question not attempted. axt Level Shaded cells have feedback. X scount period (assume no additional costs to the loan)? Iditional Instruction re customer would have to pay Lynch X days sooner to take advantage of the 2% discount. Assuming 365 days in a year, 2% interest for X days is equivalent to an inual interest rate of X. Therefore, with the assumption of no additional costs to the loan, any loan at a rate this rate would be advantageous for Lynch's customer. a. Prepare the journal entries to record the sale, collections and any required year-end adjustments assuming that Lynch records accounts receivable and sales at the gross price. How does grading work