Inventory that cost $600 is sold for $1,200, with terms of 2/10, n/30.

a.	Prepare the journal entries to record the sale of merchandise. Record the sales on account of $1,200 on terms 2/10, n/30. b.)Record the cost of goods sold of $600.

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.)

Record during the discount period the receipt of payment in full for the sales on account.