Inventory that cost $450 is sold for $550, 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 gross 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 Consolidated Table < 1 2 3 Record the sales on account of $550 on terms 2/30, n/60. Note: Enter debits before credits Transaction (1) General Journal Debit Credit Record entry Clear entry View Consolidated Table Inventory that cost $450 is sold for $550, 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 gross 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 Consolidated Table < 3 Record the cost of goods sold of $450. Note: Enter debits before credits. Transaction a(2) General Journal Debit Credit Record entry Clear entry View Consolidated Table Inventory that cost $450 is sold for $550, 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 gross 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 Consolidated Table < 1 2 Record the receipt of payment for sales on account. Note: Enter debits before credits. Transaction (b) General Journal Debit Credit Record entry Clear entry View Consolidated Table