On July 1, Wayne Company sold merchandise to a customer for $7,800 with credit terms of 2/10, n/30. The cost of the merchandise is $5,900. On July 2, the customer returned merchandise and received credit for $300. The merchandise, which had cost $190 is returned to inventory. On July 11, Wayne received payment for the amount due from the July 1 sale. Wayne uses a perpetual inventory system and will have to record one journal entry when it receives payment on July 11. That journal entry is:

Debit Cash $7,644; credit Sales Discounts $156; credit Accounts Receivable $7,800

Debit Cash $7,350; debit Sales Discounts $150; credit Accounts Receivable $7,500

Debit Cash $7,344; debit Sales Discounts $156; credit Accounts Receivable $7,500

Debit Cash $7,500; debit Sales Discounts $300; credit Accounts Receivable $7,800