Matching Question\ Juice Drinks sold merchandise on December 1 at a

$500

invoice price, net

$495

, with terms of

(1)/(10),(n)/(30)

and received cash payment on December 4 , within the discount penod. Determine its entry to record this sale and the subsequent receipt of cash under both the gross method and the net methods by matching the action on the left with the method on the right. (Assume a perpetual inventory system.)\ (i) Instructions\ Sales Discounts would be debited for

$5

on December 4.\ Accounts Receivable would be debited for

$495

on December 1 .\ Cash would be debited for

$495

on December 4.\ Gross method\ Both methods

Juice Drinks sold merchandise on December 1 at a $500 invoice price, net $495, with terms of 1/10,n/30 and received cash payment on December 4 , within the discount penod. Determine its entry to record this sale and the subsequent receipt of cash under both the gross method and the net methods by matching the action on the left with the method on the right. (Assume a perpetual inventory system.) Instructions Juice Drinks sold merchandise on December 1 at a $500 invoice price, net $495, with terms of 1/10,n/30 and received cash payment on December 4 , within the discount penod. Determine its entry to record this sale and the subsequent receipt of cash under both the gross method and the net methods by matching the action on the left with the method on the right. (Assume a perpetual inventory system.) Instructions