An invoice for $500 with the terms 2/10n/30 arrives on your desk. Under the gross recording method what steps would you take? Debit Purchases $500 and Credit Accounts Payable for $500. Pay $500 within 2 days. When the payment is made within the discount period: Debit Accounts Payable for $500 and Credit Cash for $490 and Credit Purchase Discounts for $10. All of the above. Only a. and c. above. Question 4 2 pts Cash forecasting is an aspect of which of the following? collecting franchise fees. preparing a bank reconciliation. conducting audits. an integrated cash management system. Question 5 2 pts Proper Credit-Checking Procedures include which of the following: A credit check should always be completed for a new guest. Credit checking procedures should be established before extending credit. A credit sales transaction is not complete until the cash from the sale is collected. All of the above. Only a. and c. above