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Grodahl Electronics is a wholesaler that sells on terms of 2/10, 1/30. Suppose it sold video equipment to Costco for $600,000 on open account on January 10. Payment (net of cash discount) was received on January 19. Requirements 1. using the balance sheet equation framework, analyze the two transactions for Grodahl Electronics using the gross method for cash discounts. 2. Prepare the journal entries Requirement 1. By using the balance sheet equation framework, analyze the two transactions for Grodahl Electronics using the gross method for cash discounts. (Use a minus sign or parentheses to show a decrease in the accounting equation component and leave any unused cells blank.) Sold video equipment (on terms of 2/10, 1/30) to Costco for $600,000 on open account on January 10 Assets Llabilities Stockholder's Equity Cash + Accounts Receivable = Accounts Payable + Sales + Cash Discounts on Sales Payment (net of cash discount) was received on January 19. Assets Liabilities = Accounts Payable + Stockholder's Equity + Cash Discounts on Sales Cash Accounts Receivable Sales Requirement 2. Prepare the joumal entries. (Enter debits first, then credits. Explanations are not required.) Sold video equipment (on terms of 2/10, 1/30) to Costco for $600,000 on open account on January 10. Date Accounts Debit Credit Jan. 10 Payment (net of cash discount) was received on January 19. Date Accounts Debit Credit Jan. 19

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