Instructions Chart of Accounts General Journal Next Level III Instructions On December 1, 2019, Lyrich incorporated sold $20,000 of merchandise with forms 2/10, WVEOM. On December 11, 2019, collections were made on sales originally billed for $13,000, and on December 31, 2010. additional collections on sales originally billed for $6,000 were received Required: 1. Prepare the journal entries to record the sale collections, and any required year end adjustments assuming at Lynch records accounts receivable and sales af (a) the gross price and (b) the net price 2 Next Level Assume that Lynch's customer done not have the available cash to pay Lynch within me discount period. How much wtevest should the customer be willing to pay for a loan to permit them to take advantage of the discount period (assume no additional cost to the loan? Next Level Explain why Lynch granting of cath (les) decounts may ove cash fow