Inventory that cost $500 is sold for $700, with terms of 2/30,n/60. Give the journat entries to record (a) the sale of merchandise and (b) collection of the accounts recelvable. 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.) Journal entry worsheet Record the sales on account of $700 on terms 2/30, n/60. Note: Enter debits before credits. Journal entry worsheet Note: Enter debits before credits. Journal entry worsheet 1 Record the receipt of payment for sales on account. Note: Enter debits before credits