RECEIVED CASH PAYMENT FROM THE SALE ABOVE 9 DAYS AFTER THE AMOUNT WAS INVOICED RECORD THE RECEIPT OF CASH DESCRIPTION DEBIT CREDIT INVENTORY WITH A COST OF $70,000 WAS COMPLETED AND PUT ON THE SHELF (INTO FINISHED GOODS) TO BE SOLD RECORD THE TRANSACTION DESCRIPTION DEBIT CREDIT PREPARE JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS, SOLD MERCHANDISE FOR $100,000 WITH TERMS 2/10 NET 30 ON OPEN ACCOUNT USING THE GROSS METHOD. (IGNORE ANY COST OF GOODS SOLD / INVENTORY REDUCTION PORTION OF THIS TRANSACTION) DESCRIPTION DEBIT CREDIT