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:Multiple choice question.debit Cash $1,000; credit Accounts Receivable $1,000debit Accounts Receivable $1,000; credit Sales Discounts $20; and credit Cash $980debit Accounts Receivable $1,000; credit Cash $1,000debit Cash $980; debit Sales Discounts $20; and credit Accounts Receivable $1,000

Jo's Market makes a credit sale for $1,000 with terms of 2/10,n/30. The cost of the merchandise is $400. The required journal entry to record the sale and cost of the sale is:Multiple choice question.debit Accounts Payable $1,000; and credit Sales $1,000debit Accounts Receivable $1,000; credit Sales $1,000; debit Cost of Goods Sold $400; and credit Merchandise Inventory $400debit Accounts Receivable $1,000 and credit Sales 1,000debit Accounts Receivable $600; credit Sales $600; debit Cost of Goods Sold $400; and credit Merchandise Inventory $400

7. LO 7.3 Record the following transactions in the sales journal:Jan. 15 Invoice # 325, sold goods on credit for $2,400, to Maroon 4, account # 4501Jan. 22 Invoice #326, sold goods on credit for $3,500 to BTS, account # 5032Jan. 27 Invoice #327, sold goods on credit for $1,250 to Imagine Fireflies, account # 38968. LO 7.3 Record the following transactions in the cash receipts journal.Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,225 formerchandise purchased on June 4 for $1,250, invoice number #1032. Jolie Inc. wasoffered terms of 2/10, n/30. Record the payment.Jun. 15 Portman Inc. mailed you a check for $2500. The company paid for invoice #1027,dated June 1, in the amount of $2,500, terms offered 3/10, n/30.Jun. 17 Your company received a refund check (its check #12440) from the State PowerCompany because you overpaid your electric bill. The check was in the amount of$72. The Utility Expense account number is #450. Record receipt of the refund.9. LO 7.1 Why does a student need to understand how to use a manual, paper-basedaccounting information system since everyone uses computerized systems?10. LO 7.5 Forensic means “suitable for use in a court of law.” How does that have anythingto do with accounting?

1-(A) Journalise the following business transactions in general journal form. 1 Jun Borrowed $40,000 from ANZ Bank. 5 Jun Purchased inventory for $85,000, paying $10,000 in cash and the remainder is due in 30 days. 8 Jun Credit sales made for $30,000. The inventory had cost of $17,000. 10 Jun Received $7,500 in advance from a customer for merchandise that will be delivered in September. 17 Jun Received an inquiry about a product worth $4,000 from an old customer. 21 Jun Paid $10,000 of salary expenses Notes: (i) The firm has adopted the perpetual inventory recording method; (ii) If you believe no journal is required, explain the reason(s); (iii) Ignore the effects of GST; (iv) Account numbers and narrations are not required.

Jello's Market purchased $1,000 of goods on account with terms of 2/10,n/30. They returned $200 of the goods due to defect the next day. If Jello pays for the purchase within the discount period and uses the perpetual inventory system, the required journal entry to record the payment would:Multiple choice question.debit Accounts Payable $800; credit Merchandise Inventory $16; and credit Cash $784debit Accounts Payable $800; credit Cash $780; and credit Merchandise Inventory $20debit Accounts Payable $1,000; credit Cash 980; and credit Purchase Discounts $20debit Accounts Payable $800 and credit Cash $800

Sally Beauty Warehouse uses the perpetual inventory system to account for its merchandise. On Nov 2, it sold $700 of merchandise on credit with terms of 2/15,n/30. Demonstrate the required journal entry to record the receipt of payment from the customer on Nov 13, by selecting all of the correct actions below.Multiple select question.Debit Cash $700.Debit Sales Discounts $14.Credit Sales Discounts $14.Debit Accounts Receivable $700.Debit Cash $686.Credit Accounts Receivable $700.