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Problem I (12 points) The Hawthorne Manufacturing Company offers credit customers a 2% sales discount if the sale price is paid within 10 days. Any

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Problem I (12 points) The Hawthorne Manufacturing Company offers credit customers a 2% sales discount if the sale price is paid within 10 days. Any amounts not paid within 10 days are due in 30 days These payment terms are stated as 2/10, 1/30 The following events occurred: 1. On October 5, 2021, Hawthorne sold merchandise at a price of $20,000 2. The customer paid $13,720 on October 14 3. The customer paid the remaining balance on November 4. The appropriate journal entries to record the sale and cash collection, showing both the groes and net methods. Gross Method October 5, 2021 Net Method October 5, 2021 October 14, 2021 October 14, 2021 November 4, 2021 November 4, 2021 1

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