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Prepare journal entry to record jo market customer payment

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Question 1: 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 Jo's Market customer's payment on July 6 would be:

choices are:

1. debit Cash $1,000; credit Accounts Receivable $1,000

2.debit Accounts Receivable $1,000; credit Cash $1,000

3. debit Accounts Receivable $1,000; credit Sales Discounts $20; and credit Cash $980

4. debit Cash $980; debit Sales Discounts $20; and credit Accounts Receivable $1,000

Reference no: EM132487168

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