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Company X sold inventory for $120,000 on December 15 with the terms 3/30, n/100. On...

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Accounting

Company X sold inventory for $120,000 on December 15 with the terms 3/30, n/100. On January 30, they received payment for the balance due. The company uses the net method to record sales. Which of the following is true? Group of answer choices

Company X records a reduction in accounts receivable of $116,400 on January 30

Company X records an increase in cash of $116,400 on January 30

Company X records sales revenue of $120,000 on December 15

All of the above are false

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