Which of the following statements are true regarding sales discounts (i.e., discounts customers receive for paying quickly)?

I. Net Income differs between the net and gross methods when customers do not pay within the discount period.

II. The net and gross methods do not affect the amount or timing of cash collected.

III. Customers have to elect in advance whether they will pay in time to take the discount.

Group of answer choices:

I only

II only

III only

I and II only

II and III only