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Use the following data to answer questions the next 3 questions On November 10 of...

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Accounting

Use the following data to answer questions the next 3 questions

On November 10 of the current year, Cherokee Industries sold materials to a customer for $8,000 with credit terms 2/10, n/30. Cherokee uses the net method of accounting for cash discounts

  1. What entry would Cherokee make on November 10?
  2. What entry would Cherokee make on November 17, assuming the correct payment was received on that date?
  3. What entry would Cherokee make on December 10, assuming the correct payment was received on that date?

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