6.Inc. made a $100,000 sale on account with terms of 2/15, n/30. lf the company uses the net method, which of the following will be included in the journal entry to record the payment received 20 days after the sale was made?

ODEBIT: Sales Discount $2,000 CREDIT: Accounts Receivable $100,000 CREDIT: Sales Discount Forfeited $2,000 DEBIT: Accounts Receivable $98,000

7. Company provided services to their clients throughout the month of December, but failed to accrue the revenue associated with those services. Which of the following statements accurately describes the fnancial statement impact of not accruing revenue?

Assets are understated, revenue is understated and retained earnings is understated. Liabilities are overstated, revenue is understated and equity is understated. Assets are overstated, revenue is understated and equity is understated Liabilities are understated and revenue is understated