On February 1, 2020, Crane Company sells merchandise on account to Blossom Company for $6450. The...
On February 1, 2020, Crane Company sells merchandise on account to Blossom Company for $6450. The entry to record this transaction by Crane Company is?
Homework Answers
Solution
| Date | General Journal | Debit | Credit |
| 1-Feb | Accounts Receivable | $ 6,450.00 | |
| Sales revenue | $ 6,450.00 | ||
| (To record Sales revenue) |
The sales will be recorded by debiting Accounts receivable and crediting sales.
Accounts receivable is debited because this is not a cash sales.
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