Question 7 On July 22, Donald sold $24000 of inventory items on credit with the terms 1/15, net 30. Payment on $15400 sales was received on August 1 and the remaining payment was received on August 12. Assuming Donald 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? 15400 Cash Accounts Receivable 15400 O Cash 15246 154 Sales Discount Accounts Receivable 15400 Accounts Receivable 154 Sales Discount Forfeited 154 O 15246 Cash Accounts Receivable 15246