On April 3, Silver Company sold $55,000 of merchandise on account to Nance Corporation, terms 1/10, 1/30, FOB shipping point, Silver's cost of sales for this merchandise was 350,000 The merchandise left Silver's facility on April 4 and arrived at Nance on April 10. Nonce paid the invoice for the merchandise on April 11 Read the requirements Requirement 1. Prepare the journal entries for Silver Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Nance Corporation Assume that Nance Corporation takes the discount if payment is within the discount period. (Use the gross method to record the sales transactions. Record debitsfest, then credits Excluon explanations from any journal entries) Prepare the journal entry for the sale of the merchandise. (Do not record the cost of the sale, we will do that in the next step On April 3, Silver Company sold $55,000 of merchandise on account to Nance Corporation, torrgs 6/10, 130, FOB shipping point Silver'a cont of sales for this merchandise was 150.000 G Journal Entry Accounts Debit Credit Date April 4