Question

Acme Ce Phones hadde tice in Accounts Recebe of 100.000 1.2000 On that date, Aome sold 580 000 mechands to Brade Tracking Company on account for cost of goods sold on January 25, Brodeputy the account fer posted wompts to collect, Acmefly wrote ofreceivable from Brod on May 30 December 1 Acre received Brodie's cheque for 2400s who plaguing for the payment Bound a. 1. sale on account 500,000 ignore cost of goods Record debits first, then credit Exclude explanation from journal entries.) Journal Entry Accounts Credit

Answer 1

Date Credit Debit 80,000 Jan.1 $ Accounts and explanation Account Receivable A/C Sales A/C (Being credit sales made) $ 80,000 Jan.28 $ 56,000 $ 56,000 Cash A/C Accounts Receivable A/C (Being cash received from accounts receivables) May.31 $ 24,000 Bad debts A/C Accounts Receivable A/C (Bad debt wrritten off) $ 24,000 Dec. 1 Account Receivable A/C $ 24,000 Bad Debt A/C (Being reversal of write off entry) $ 24,000 Dec. 1 $ 24,000 $ 24,000 Bank A/C. Account Receivable A/C (Being cheque received from accounts receivable)