Question: ACC 301, easy. multiple choice. On July 22 , Charles Inc. sold $23700 of inventory items on credit with the terms 2/15, net 30 .

ACC 301, easy. multiple choice.

On July 22 , Charles Inc. sold $23700 of inventory items on credit with the terms 2/15, net 30 . Payment on $16000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Charles 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

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