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What is the correct entry for flores on november

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Reference no: EM132584493

On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts.

Question 1: What is the correct entry for Flores on November 17, assuming the correct payment was received on that date?

Multiple Choice

Option 1: Cash8,000 Sales discounts160 Accounts receivable 8,000Sales 160

Option 2: Cash7,840 Accounts receivable 7,840

Option 3: Cash7,840 Sales discounts160 Accounts receivable 8,000

Option 4: Cash7,840 Sales160 Accounts receivable 8,000

Reference no: EM132584493

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