the collection of a $1,000 account after the 2% discount period will result in a debit to\ncash for…

the collection of a $1,000 account after the 2% discount period will result in a debit to\ncash for $980.\nsales discounts for $20.\naccounts receivable for $1,000.\ncash for $1,000.

the collection of a $1,000 account after the 2% discount period will result in a debit to\ncash for $980.\nsales discounts for $20.\naccounts receivable for $1,000.\ncash for $1,000.

Answer

Explanation:

Step1: Analyze the situation

Since the collection is made after the discount period, no discount is given. The full - amount of the account is collected.

Step2: Determine the debit entry

When collecting an account receivable, we debit Cash for the full amount of the account. Here, the account amount is $1,000, so we debit Cash for $1,000.

Answer:

D. Cash for $1,000