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How would austin record the entry of a credit sale

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Reference no: EM132792339

Problem 1: The Austin Company records sales on account using the gross method and offers terms of 3/15, n/45. How would Austin record the entry of a credit sale of $1,000? The gross method is the process of recording an invoice at full price without regard to any cash discount offered.

a. Accounts Receivable 1,000 (Db)

Sales 970 (Cr)

Sales Discounts 30 (Cr)

b. Accounts Receivable 970 (Db)

Sales 970 (Cr)

c. Accounts Receivable 1,000 (Db)

Sales 1,000 (Cr)

d. Accounts Receivable 970 (Db)

Sales Discounts 30 (Db)

Sales 1,000 (Cr)

Reference no: EM132792339

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