Journal Entries Problem:

Merchandise costing $2,300 is sold for $3,300 on terms 2/10, n/30. If the buyer pays within the discount period, prepare the journal entries needed at the time of sale and collection, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

A) Record the sales on account of $3,300 on terms 2/10, n/30.

B) Record the cost of goods sold of $2,300.

C) Record during the discount period the payment in full for the sales on account.