Jax Recording Studio purchased $7,900 in electronic components from Music World. Jax signed a 90-day, 8% promissory note for $7,900. Music World's journal entry to record the sales transaction is:Multiple ChoiceDebit Notes Receivable $7,900; debit Interest Receivable $158; credit Sales $8,058Debit Notes Receivable $7,900; credit Sales $7,900Debit Accounts Receivable $7,900; credit Sales $7,900Debit Accounts Receivable $8,058; credit Sales $8,058Debit Notes Receivable $8,058; credit Sales $8,058

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

Select all that applyLOL Music Store uses the perpetual inventory system to account for its merchandise. On November 17, it purchased $1,000 of merchandise with terms of 2/5, n/60. If payment is made on December 21, demonstrate the required journal entry to record the payment by selecting all of the correct actions below.Multiple select question.Credit Cash $980.Credit Accounts Payable $1,000.Debit Accounts Payable $1,000.Credit Merchandise Inventory $20.Credit Cash $1,000.

LOL Music Store uses the periodic inventory system to account for its merchandise. On November 17, it purchased $1,000 of merchandise with terms of 2/5,n/60. If payment is made on November 21, demonstrate the required journal entry to record the payment by selecting all of the correct actions below.Multiple select question.Credit Purchase Discounts $20.Credit Cash $1,000.Debit Purchase Discounts $20.Credit Cash $980.Debit Accounts Payable $1,000.Credit Accounts Payable $1,000.Credit Merchandise Inventory $20.

LO 7.3 Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction?Choose one answer from the options below.A. sales journalB. purchases journalC. cash receipts journalD. cash disbursements journalE. general journal

On June 5, Jo's Market sold $1,000 of goods on credit with terms of 2/10,n/30. How will Jo's Market record the customer's payment on June 8?Multiple choice question.Debit Accounts Receivable $1,000; credit Merchandise Inventory $20; and credit Cash $980Credit Accounts Receivable $1,000; debit Cash $980; and credit Merchandise Inventory $20Debit Cash $1,000 and credit Accounts Receivable $1,000Debit Cash $980; debit Sales Discounts $20; and credit Accounts Receivable $1,000