On december 8th 2010 lynch incorporated sold $9000 of merchandise with terms of 2/10, n/ EOM. ON december 18th 2010, collections were made on sales originally billed for 5000 and on december 31, 2010 additional collections on sales originally billed for 3000 were received.

Prepare a journal entry to record the sale, collections, and any requested year end adjustments(1) the gross price and(2) net price method