Recording Cash Discount Entries Gross Method

Lynx Inc. sells apparel merchandise to Dyson Inc. at a gross sales price of $980, credit terms 2/10, n/30 on July 10, 2020. Dyson pays for the merchandise in full on July 19, 2020. Record the entries required on July 10, 2020, and July 19, 2020, for Lynx Inc. assuming use of the gross method in accounting for credit sales. Omit the cost of goods sold entry.

Note: Round your answers to the nearest whole number.

Date. Account name dr. cr.

July 10 (Blank)

(Blank)

July 19 Cash

(Blank)

(Blank)