On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts.
What is the correct entry for Flores on December 5, assuming the correct payment was received on that date?
1. Cash 8,000
Accounts receivable 7,840
Sales discounts revenue 160
2. Cash 8,000
Accounts receivable 7,840
Interest revenue 160
3. Cash 8,160
Accounts receivable 8,000
Sales discounts forfeited 160
4. Cash 8,000
Accounts receivable 8,000
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