For the following transaction determine the accounting consequences to both the Buyer and Seller.

Buyer purchased $250,000 of merchandise form Seller on account with the terms 2/10, n/30. The merchandise originally cost Seller $160,000.

For the Asset side of the Balance Sheet, in this transaction Buyer would

For the following transaction determine the accounting consequences to both the Buyer and Seller. Buyer purchased $250,000 of merchandise form Seller on account with the terms 2/10, n/30. The merchandise originally cost Seller $160,000. For the Asset side of the Balance Sheet, in this transaction Buyer would [Select] the account [Select] by [Select) For the Liabilities / Equity side of the Balance Sheet, in this transaction the Buyer would [Select] the account (Select] by [Select) For the Asset side of the Balance Sheet, to record the sale, in this transaction Seller would would Increase the account [Select] by [Select] For the Asset side of the Balance Sheet, to record the sale, in this transaction Seller would would Decrease the account (Select] by (Select] For the Liabilities / Equity side of the Balance Sheet, to record the sale, in this transaction Seller would would increase the account (Select ] by [ Select]