Merchandise costing $1,500 is sold for $2,500 on terms 2/30,n/60. The customer pays within the discount period. Prepare the journal entries needed at (a) time of sale and (b) collection of payment from the customer, assuming the company uses a perpetual inventory system with the gross method of recording sales discounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the sales on account of $2,500 on terms 2/30,n/60. Note: Enter debits before credits. Merchandise costing $1,500 is sold for $2,500 on terms 2/30,n/60. The customer pays within the discount period. Prepare the journal entries needed at (a) time of sale and (b) collection of payment from the customer, assuming the company uses a perpetual inventory system with the gross method of recording sales discounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 3 Note: Enter debits before credits. Merchandise costing $1,500 is sold for $2,500 on terms 2/30,n/60. The customer pays within the discount period. Prepare the journal entries needed at (a) time of sale and (b) collection of payment from the customer, assuming the company uses a perpetual inventory system with the gross method of recording sales discounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record receipt of payment for sales on account. Note: Enter debits before credits