Assume the Periodic Inventory System Is Used $\begin{array}{lll}\text { Cash } & 11,520 & \\\quad \text { Sales } && 11,520 \\\end{array}$

Assume the periodic inventory system is used.Madison Manufacturing gave a 4% trade discount to Tristan Company when it sold inventory for cash that normally sells for $12,000.Which of the following is the journal entry to be made by Madison Manufacturing?

A) $\begin{array}{lll}\text { Cash } & 11,520 & \\\quad \text { Sales } && 11,520 \\\end{array}$

B) $\begin{array}{lccc}\text { Cash } & 11,520& \\\text { Trade Discount } &480 & \\\quad \text { Sales } & &12,000 \\\end{array}$

C) $\begin{array}{lccc}\text { Cash } & 11,520 & \\\text { Trade Discount Payable } &480 & \\\quad \text { Sales } & & 12,000\\\end{array}$

D) $\begin{array}{lccc}\text { Cash } & 12,000& \\\quad \text { Trade Discount } & & 480 \\\quad \text { Sales } & & 11,520\\\end{array}$

E) $\begin{array}{lccc}\text { Cash } & 12,000& \\\quad \text { Trade Discount Receivable } & & 480 \\\quad \text { Sales } & & 11,520 \\\end{array}$