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Question 5 (4 points) On March 1st Billy's Books sells goods with a retails price of $1,000 to Books Online. The terms of deal are 3/15, n/45. Assume Billy's books uses the net method to accounts for cash discounts on sales. Please provide the journal entries Bill's Books will record if Books Online pays Bill's Books on March 31st: Upon Expiration of the Discount Dr. Accounts Receivable $30 Cr. Sales Discounts Forfeited $30 Upon Cash Receipt Dr. Cash $970 Dr. Sales Discount $30 Cr. Accounts Receivable $1,000 Upon Expiration of the Discount Dr. Accounts Receivable $30 Dr. Cash $970 Dr. Sales Discount $30 Cr. Accounts Receivable $1,000 Upon Expiration of the Discount Dr. Accounts Receivable $30 Cr. Sales Discounts Forfeited $30 Upon Cash Receipt Dr. Cash $1,000 Cr. Accounts Receivable $1,000 Upon Expiration of the Discount. Dr. Accounts Receivable $970 Cr. Sales Discounts Forfeited $970 Upon Cash Receipt. Dr. Cash $1,000 Cr. Accounts Receivable $1,000 eph Verde: Attempt 1 Dr. Cash $1,000 Cr. Accounts Receivable $1,000 Upon Expiration of the Discount. Dr. Accounts Receivable $970 Cr. Sales Discounts Forfeited $970 Upon Cash Receipt. Dr. Cash $1,000 Cr. Accounts Receivable $1,000 Upon Expiration of the Discount. Dr. Accounts Receivable $30 Cr. Sales Discounts Forfeited $30 Upon Cash Receipt Dr. Cash $970 Dr. Sales Discount $30 Cr. Sales Revenue $1,000

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