Question 8 1 pts On July 27, Patagonia sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 of sales was received on August 1 and the remaining payment was received on August 12. Assuming Patagonia 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? a. Cash 14,700 Sales Discount 300 Accounts Receivable 15,000 b. Cash 15,000 Accounts Receivable 15,000 Cash 14,700 Accounts Receivable 14,700 d Accounts Receivable 300 Sales Discount Forfeited. 300 C. a On July 27, Patagonia sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 of sales was received on August 1 and the remaining payment was received on August 12. Assuming Patagonia 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 14,700 Sales Discount 300 Accounts Receivable 15,000 b. Cash 15,000 Accounts Receivable 15,000 Cash 14,700 Accounts Receivable 14,700 d. Accounts Receivable..... Sales Discount Forfeited. 300 C. 300 O A. O D. O B. d None of these answer choices are correct