e. none of the statements is false. Jestion 4 (1 point) Question 8) On August 5, Michaels Ltd. sells goods for $1,500 on account and the Cost to Michaels was $800. Michaels expects a return rate of 5%. On August 12, goods with a selling price of $400 and a cost of $215 are returned for credit and restored to inventory. The journal entry to record the sale on August 5 would nclude: a. credit to Estimated Inventory Returns for $215. c. credit to Refund Liability for $80. b. credit to Inventory for $215. O d.credit to Accounts Receivable for $1,500. Oe. credit to Refund Liability for $75. uestion 5 (1 point) Question 5) Alliance Corporation purchased inventory with an invoice price of $15,000 and credit terms of 1/10,n/15. How much cash will Alliance pay if they pay within the discount period? a. $15,000 b. $14,850