1. Frigga Corp. provides a cash discount with terms 3/10, n/40. On 5/1/x8, Frigga sold inventory for a total sale price of $30,000 on credit. 93% of the accounts resulting from the order paid within the discount period with the remaining 7% paying outside the discount period.

Provide the journal entry to record the sale and the collection of this transaction provided that Frigga uses (1) the gross method, (2) the net method.