Inventory that cost $550 is sold for $950, with terms of 2/10, n/30.

a.

Prepare the journal entries to record the sale of merchandise. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

b.	Prepare the journal entries for the collection of the accounts receivable assuming that it occurs during the discount period. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)