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On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross

On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts.

What is the correct entry for Flores on November 17, assuming the correct payment was received on that date?

Multiple Choice

Cash8,000Sales discounts160Accounts receivable8,000Sales160
Cash7,840Accounts receivable7,840
Cash7,840Sales discounts160Accounts receivable8,000
Cash7,840Sales160Accounts receivable8,000

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