Gross method for sales discounts Schofield Co. sold merchandise on account to Bernard Retail Inc, for $10,000, terms 2/10, 1/30. The cost of the merchandise sold was $7,500. Assume that Schofield Co. uses the gross method of recording sales discounts. Enter account decreases, cash outflows, and the cost of merchandise sold as negative amounts. If no account or activity is affected, select "No effect from the dropdown and leave the corresponding number entry box blank. a. Illustrate the effects on the accounts and financial statements of Schofield Co. for the sale, including the cost of the merchandise sold. Balance Sheet Assets Llabilities Stockholders' Equity Accounts Receivable No effect Statement of Cash Flows Capital Stock Income Sta Retained Earnings No Effect b. Illustrate the effects on the accounts and financial statements of Schofield Co. for the receipt of payment assuming it is made within the discount period. Balance Sheet Assets Liabilities Stockholders' Equity Statement of Cash Flows Income Statement c. Illustrate the effects on the accounts and financial statements of Schofield Co. for the receipt of payment assuming it is made beyond the discount period Balance Sheet Assets Liabilities Stockholders' Equity Income Statement Statement of Cash Flows