Gross method for sales discounts Schofield Co. sold merchandise on account to Bemard Retail Inc. for $10,000, terms 2/10, 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 18 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 Liabilities Stockholders' Equity Accounts Receivable Inventory Maffect + setained Earnings 10,000 -7,500 2,500 Statement of Cash Flows Income Statement Operating X 2,500 Sales 10,000 Hot X Cost of goods sold X -7,500 b. thustrate the effects on the accounts and financial statements of Schoteld Co for the monipt of payment coming it is made within the discount period Balance Sheet Assets Liabilities Stockholders' Equity NonctX Acable X Clock X