Answer and Explanation:
The journal entries are shown below:
On July 1
Accounts receivable Dr $20,000
To Sales revenue $20,000
(To record the sales on account)
On July 10
Cash $19,400
Sales discount $600 ($20,000 × 3%)
To Accounts receivable $20,000
(To record the payment received)
On July 17
Accounts receivable $200,000
To Sales revenue 200,000
(To record the sales on account)
On July 30
Cash $200,000
To Accounts receivable $200,000
(To record the payment received)
