1. For each source information shown below, prepare the appropriate journal entry. (If no entry Is required for a transaction/event, select "No Journal Entry Requlred" In the first account fleld.) a. Purchase order dated October 13 for massage chairs costing $765 and oil supplies costing $240. b. Remittance advice from customer for $93, received October 17. c. Receiving report indicating October 22 receipt of October 13 order. Also received supplier invoice totaling $1.005. d. NGS check for payment in full of October 13 order. View transaction list Journal entry worksheet 1 3 4 > 2 Purchase order dated October 13 for massage chairs costing $765 and oil supplies costing $240. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit October 13 Record entry Clear entry View general journal
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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