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Sandlot Inc. purchased goods costing $1,000. The purchase was made on account with terms of...

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Accounting

Sandlot Inc. purchased goods costing $1,000. The purchase was made on account with terms of 4/10, n/30. The original purchase was recorded with a DEBIT to Inventory and a CREDIT to Accounts Payable for $1,000.  The account was paid in cash after 23 days. Which ONE of the following is included in the journal entry to record the payment of cash on account after 23 days? CREDIT to Accounts Payable for $1,000 DEBIT to Cash for $960 CREDIT to Cash for $1,000 CREDIT to Accounts Payable for $960 CREDIT to Inventory for $40 DEBIT to Accounts Payable for $960

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