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33 of 50 < > -/1 E On July 22, Michael sold $22800 of inventory...

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Accounting

33 of 50 < > -/1 E On July 22, Michael sold $22800 of inventory items on credit with the terms 1/15, net 30. Payment on $14300 sales was received on August 1 and the remaining payment was received on August 12. Assuming Michael 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 Accounts Receivable 14157 14157 Cash 14157 Sales Discount 143 Accounts 14300 Receivable Cash Accounts Receivable 14300 Accounts Receivable Sales Discount Forfeited 14300 143 143

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