Business, 10.04.2020 16:13 cranfordjacori

On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received?a. Cash 14,700Sales Discount 300Accounts Receivable 15,000b. Cash 15,000Accounts Receivable 15,000c. Cash 14,700Accounts Receivable 14,700d. Accounts Receivable 300Sales Discount Forfeited 300

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On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on...

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