Describes the effect of recording the collection

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Which of the following statements correctly describes the effect of recording the collection of a $10,000 account receivable for which a 2% sales discount was recorded at the time of collection?

Current assets will remain the same.

Gross profit will decrease $200.

Accounts receivable will decrease $9,800.

Net sales will increase $9,800.

Reference no: EM13753355

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