Inventory that cost $1,100 is sold for $1,300, with terms of 2/30, n/60. Give the journal entries to record (a) the sale of merchandise and (b) collection of the accounts receivable. Assume the sales discount is taken and accounted for using the net method, and a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worsheet 1 2 3 Record the sales on account of $1,300 on terms 2/30, n/60 using the net method. Note: Enter debits before credits. Transaction a(1) General Journal Debit Credit Record entry Clear entry View general journal < Prev 4 of 8 Next > es Inventory that cost $1,100 is sold for $1,300, with terms of 2/30, n/60. Give the journal entries to record (a) the sale of merchandise and (b) collection of the accounts receivable. Assume the sales discount is taken and accounted for using the net method, and a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worsheet 2 3 Record the cost of goods sold of $1,100. Note: Enter debits before credits. Transaction a(2) General Journal Debit Credit Record entry Clear entry View general journal < Prev 4 of 8 Next > Inventory that cost $1,100 is sold for $1,300, with terms of 2/30, n/60. Give the journal entries to record (a) the sale of merchandise and (b) collection of the accounts receivable. Assume the sales discount is taken and accounted for using the net method, and a perpetual inventory system is used. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worsheet < 1 2 Record receipt of payment for sales on account using the net method. Note: Enter debits before credits. Transaction (b) General Journal Debit Credit Record entry Clear entry View general journal