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I need 1 & 2 answered since both the questions are meant to be answered together 1. Scott's Cycles sells merchandise on credit terms of

image text in transcribedI need 1 & 2 answered since both the questions are meant to be answered together
1. Scott's Cycles sells merchandise on credit terms of 2/15, N/30. A sale invoiced at $1,500 (cost of sales $975) was made to S. Allen on February 1, 2015. Scott's Cycles uses a perpetual inventory system. Required Prepare the journal entry to record: a) The credit sale; b) The collection of the account on February 9, 2015; and c) The collection of the account on March 2, 2015, instead of February 9, 2015. 2. On March 4, 2015, the company purchased bicycles and accessories from a supplier on credit, invoiced at $9,000; the terms were 3/10, N/30. The company still uses a perpetual inventory system. Required Prepare the journal entry to record: a) The credit purchase; b) The payment of the account on March 12, 2015; and c) The payment of the account on March 28, 2015, instead of March 12, 2015

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