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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.
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Question & Answer: Recognizing Accounts Receivable On August 9, Gunner Co. sells $9,300 of merchandise to Taylor Co. on account…..
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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 |
