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Question No. 5: (L06) (10 Marks) A. Smart Co Sales made on credit. On July 1, 2018 it made sales of $60 000 with the term 3/10, n/30. On July 9, 2018 Smart Co received $30000 payment for July 1 sales. Remaining Payment received by smart Co on 15th July, 2018. Requirement: Record the Journal Transaction with discount amount with Gross Method and Net Method. (5 Marks) B. Mark the following statements as True or False (1/2 X 10 = 5 Marks) 1. In the management of cash and marketable securities, the primary concern is profitability. 2. For most modern corporations, the more cash they have, the better off they are. 3. Minimizing cash balances can improve overall corporate profitability. 4. For most firms, the primary motive for holding cash is the transaction motive. 5. Cash balances are usually determined by the amount of cash flowing through the firm on a yearly basis. 6. A primary goal of cash management is to insure that the inflows and outflows of cash are synchronized. 7. It is possible for companies to operate with negative cash balances on their books. 8. If a firm averages $2,000 in daily credit sales and offers 60-day terms, the average accounts receivable balance will be $ 120,000. 9. When a potential customer has a mediocre credit history, a firm should never consider allowing them to become a customer. 10. If a company would like to reduce their average collection period, they can either offer a cash discount or increase their net terms