Quo Company offers volume discounts to its customers. Customers buying more than $100,000 in products receive a 3% discount. Customers buying more than $200,000 in products receive a 5% discount. Quo also offers sales discounts with payment terms of 1210,n/30. Quo uses the most likely-amount method and assumes that the customer will take the discount to account for the sales discounts. On July 2. Quo made sales of S282.500 on account to Berg Company. Berg paid $150,100 on July 12 and the remaining balance on August 1. Read the requirements Requirement a. What is the volume discount? What is the sales discount? What is the journal entry when the sale is initially recorded on July 2? Ignore the effect on inventory and cost of goods sold. The volume discount is and the sales discount is SL On July 2. Quo made sales of $282.500 on account to Berg Company. Prepare the journal entry to record this event (Record debits first, then credits. Exclude explanations from any journal entries.) Account July 2 Requirement b. What is the journal entry on July 12? Berg paid $150, 100 on July 12. Prepare the journal entry to record this event. (Record debits first, then credits. Exclude explanations from any journal entries.) Account July 12 Requirement c. What is the journal entry on August 1? Berg paid the remaining balance on August 1. Prepare the journal entry to record this event. (Record debits first, then credits. Exclude explanations from any journal entries. Round all amounts to the nearest whole dollar.) Account