Record the following transactions on the books of Sweetwater Corp., which uses a perpetual inventory system.

$($a$)$

Your answer is partially correct.

On July $1,$ Sweetwater Corp. sold merchandise on account to Cambridge Inc. for $$65,600,$ terms $\frac{n}{30}.$ The cost of the

merchandise sold was $$35,200.$ Sweetwater expected a return rate of $5\%.($List all debit entries before credit entries. Credit account

titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the

account titles and enter $0$ for the amounts.$)$