Which statement best describes the net method of accounting for cash discounts? Records receivables at their face value. Records any discounts forfeited by the customer as income. Records any discounts taken by the customer as an expense. Records any discounts forfeited by the customer as an expense. Which statement best describes the gross method of accounting for cash discounts? Records receivables at their present value amount. Records any discounts forfeited as income. Records any discounts taken as a reduction in revenue. Records any discounts taken as an expense