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Smith CO. sold $100,000 on December 26, 2019 to a client with the sales discount terms 3/10 net 40. What do the terms mean? If

Smith CO. sold $100,000 on December 26, 2019 to a client with the sales discount terms 3/10 net 40. What do the terms mean? If the client paid on January 4, 2020 which method (Gross or Net) makes higher profit for 2019? What is the journal entry to record the cash received on January 4, 2020 under the Gross method and under the Net method?

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