On July 22, James sold $22500 of inventory items on credit with the terms 1/15, net 30. Payment on $14000 sales was received on August 1 and the remaining payment was received on August 12. Assuming James uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? Cash 13860 Accounts Receivable 13860 Cash 14000 Accounts Receivable 14000 Accounts Receivable 140 Sales Discount Forfeited 140 Cash 13860 Sales Discount 140 Accounts Receivable 14000 Question Attempts: 0 of 1 used Submit Answer