1. (Gross vs. Net- Sales Discounts) Smith Manufacturing Company offers credit customers a 3% cash discount if the sales price is paid within 15 days. Any amounts not paid within 15 days are due in 30 days. These repayment terms are stated as 3/15, n/30. On August 1, 2018, Hawthorne sold merchandise at a price of $30,000. The customer paid $19,400 ($20,000 less the 3% cash discount) on August 9th and the remaining balance of $10,000 on Sept. 3, 2018.Record the necessary journal entries on August 1st, August 9th, and September 3rd using both the Gross and Net methods:

please explain how you got each number