Launch Company uses a cash receipts journal. The company is a wholesaler and does not charge sales tax, makes no bank credit card sales, and offers a 2% cash discount to customers who pay 10-20 days before the due date of the invoice. On March 5, Launch Company received payment on account from J. Jones for $1,200, and the due date of the invoice was March 20. How would this transaction be recorded in the cash receipts journal? a. Debit Cash for $1,176 and credit Accounts Receivable for $1,176 b. Debit Cash for $1,200, credit Sales Discounts for $24, and credit Accounts Receivable for $1,176 c. Debit Cash for $1,176, debit Sales Discounts for $24, and credit Accounts Receivable for $1,200 d. Debit Accounts Receivable for $1,200, credit Cash for $1,176, and credit Sales Discounts for $24