On Jаnuаry 1st, New Blаck Cоmpany sells merchandise оn accоunt for $1,800 to Diamond Company with credit terms of 2/10, n/30. The merchandise costs New Black Company $900. Diamond Company returns $600 of damaged merchandise along with a check to settle the account within the discount period. To record the sale on January 1st, the following tabular analysis by New Black Company will show Assets = Liabilities + Stockholders' Equity Retained Earnings Cash + Accounts Receivable + Inventory = Accounts Payable + Common Stock + Rev. - Exp. - Div.