Merchandise costing $3,400 is sold for $5,800 on terms 2/30, n/60. If 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 net method of recording sales discounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet