Previous Page Next Pa Page 20 of 20 Question 20 (5 points) Jefferson Company, a bicycle manufacturer, sold 300 bicycles to ACME Sporting Goods on February 1, 2021. The bicycles have a list price of $500, but ACME was given a 20% trade discount. The terms of the sale were 2/10, n/30. Jefferson uses the gross method to account for credit sales. Jefferson received payment from ACME on February 9, 2021. Prepare the journal entries to record the sale on February 1 and the collection on February 9. (Ignore cost of goods)