On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the correct entry to record the receipt of the customer's payment:

June 20

Cash $3,960 (debit)

Discount allowed $40 (debit)

Trade Receivable $4,000 (credit)

Explanation:

The sale journal is as follows :

June 12

Trade Receivable $4,000 (debit)

Sales Revenue $4,000 (credit)

The payment journal will be :

June 20

Cash $3,960 (debit)

Discount allowed $40 (debit)

Trade Receivable $4,000 (credit)

Note

That the customer was granted a discount period of 10 days and they managed to repay the amount owing in that period by June 20, so they are eligible for a cash discount of 1 %.

2,283,000

explanation:

i just had to add it

i would say iii (3) because in order to compare a price you have to use as a reference other near stores because it's its

hope i explained myself