On June 5, Jo's Market sold $1,000 of goods on credit with terms of 2/10,n/30. The...

 

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On June 5, Jo's Market sold $1,000 of goods on credit with terms of 2/10,n/30. The required journal entry to record the customer's payment on July 6 would be: Click the answer you think is right. debit Accounts Receivable $1,000; credit Cash $1,000 debit Cash $980; debit Sales Discounts $20; and credit Accounts Receivable $1.000 debit Cash $1,000: credit Accounts Receivable $1,000 debit Accounts Receivable $1,000; credit Sales Discounts $20; and credit Cash $980 On June 5, Jo's Market sold $1,000 of goods on credit with terms of 2/10,n/30. The required journal entry to record the customer's payment on July 6 would be: Click the answer you think is right. debit Accounts Receivable $1,000; credit Cash $1,000 debit Cash $980; debit Sales Discounts $20; and credit Accounts Receivable $1.000 debit Cash $1,000: credit Accounts Receivable $1,000 debit Accounts Receivable $1,000; credit Sales Discounts $20; and credit Cash $980

Answer rating: 100% (QA)

Terms of settlement says that if payment is made in 10 days then ... View the full answer