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Fraxon Inc. made a $40,000 sale on account with terms of 1/15, n/30. If the...

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Accounting

Fraxon Inc. made a $40,000 sale on account with terms of 1/15, n/30. If the company uses the gross method, which of the following will be included in the journal entry to record customer payment within the discount period?

  1. credit Accounts Receivable $40,000
  2. credit Sales Discount $400
  3. credit Sales Revenue $40,000
  4. credit Cash $39,600

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