Gross method for sales discounts

Schofield Co. sold merchandise on account to Bernard Retail Inc. for $10,000, terms 2/10, n/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 finandal statements of Schofield Co. for the sale, including the cost of the merchandise sold. Balance Sheet Assets Uabilities + Stockholders' Equity Statement of Cash Flows Income statement b. Tillustrate 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 Llabilities Stockholders' Equity V Statement of Cash Flows Income Statement c. ustrate the effects on the accounts and financial statements of Schofield Co. for the receipt of payment assuming is made beyond the discount period Check My Work more Check My Works Previous All saved Emator Save and Submit Assigment for Grading Balance Sheet Assets Llabilities 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 Statement of Cash Flows Income Statement Prev Check My Work 3 more Check My Work uses remaining Save and Exit Email Instructor All work saved Submit Assignment MacBook Air