Hiate Accounting (1) Read the following cases, and then provide the correct answer for each one. (a): Assume that Hanley Company sells goods for $10,000 to Murdoch Group with terms 2/10, net 30, and Hanley expects that the discount will be taken. Report entries under Net Methods of Recording Cash (Sales) Discount, If you know that Murdoch Group pald $4,000 within the discount period and $6000 after the discount period. (b): Assume that Max Glass sells hurricane glass to Oliver Builders. As part of the sales agreement, Max includes a provision that if Oliver is dissatisfied with the product, Max will grant an allowance on the sales price or agree to take the product back On January 16, 2019, Max grants an allowance of $300 to Oliver because some of the hurricane glass is defective. The entry to record this transaction is: On January 31, 2019, before preparing financial statements, Max estimates that an additional $100 in sales returns and allowances will result from the sale to Oliver on January 4, 2019. An adjusting entry to record this additional allowance is