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

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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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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

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