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Jo's Market makes a credit sale for $1,000 with terms of 2/10,n/30. The cost of...

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Accounting

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 Receivable $1,000 and credit Sales 1,000 debit Accounts Payable $1,000; and credit Sales $1,000 debit Accounts Receivable $1,000; credit Sales $1,000; debit Cost of Goods Sold $400; and credit Merchandise Inventory $400 debit Accounts Receivable $600; credit Sales $600; debit Cost of Goods Sold $400; and credit Merchandise Inventory $400

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