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hello, thanks for all of the help. am having some problems with this please with me with it and can you show me the working

hello, thanks for all of the help. am having some problems with this please with me with it and can you show me the working so I can be able to work it again

On November 10 of the current year, Cherokee Industries sold materials to a customer for $8,000 with credit terms 2/10, n/30. Cherokee uses the net method of accounting for sales discounts. What entry would Cherokee make on December 10, assuming the correct payment was received on that date?

Multiple Choice

  • Cash 8,000
    Accounts receivable 7,840
    Discounts revenue 160
  • Cash 8,000
    Accounts receivable 7,840
    Sales discounts forfeited 160
  • Cash 8,160
    Accounts receivable 8,000
    Sales discounts forfeited 160
  • Cash 8,000
    Accounts receivable 8,000

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