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Ple4ase answer.
Recognizing Accounts Receivable On August 9, Gunner Co. sells $9,300 of merchandise to Taylor Co. on account. Taylor Co. pays for this merchandise on September 1.
Prepare the entry on Gunner’s books to record the sale.
Prepare the entry on Gunner’s books to record the receipt of payment.
a.
| General Journal | |||
|---|---|---|---|
| Date | Description | Debit | Credit |
| Aug.9 | AnswerAccounts ReceivableCashSales | $Answer | $Answer |
| AnswerAccounts ReceivableCashSales | Answer | Answer | |
| To record sales of merchandise. | |||
b.
| General Journal | |||
|---|---|---|---|
| Date | Description | Debit | Credit |
| Sept.1 | AnswerAccounts ReceivableCashSales | $Answer | $Answer |
| AnswerAccounts ReceivableCashSales | Answer | Answer | |
Expert Answer
a.
| Date | Description | Debit | Credit |
| Aug 9 | Acccounts Receivable A/c Dr. | $ 9,300 | |
| To Sales | $ 9,300 | ||
| To record sales of merchandise |
b.
| Date | Description | Debit | Credit |
| Sept 1 | Cash A/c Dr. | $ 9,300 | |
| To Accounts Receivable A/c | $ 9,300 |
