Inventory that cost $460 is sold for $500, 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.) Consolidated Table Record the sales on account of $500 on terms 2/30,n/60. Note: Enter debits before credits. Inventory that cost $460 is sold for $500, 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.) Consolidated Table Note: Enter debits before credits. nventory that cost $460 is sold for $500, 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.) Consolidated Table Record the receipt of payment for sales on account. Note: Enter debits before credits