Assume that Sunland Company received the balance due from Marigold Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically inden not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 2 v

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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No.
Date
Account Titles and Explanation
Debit
Credit
1.
Dec. 3 v
Accounts Receivable
654,200
Sales Revenue
654,200
(To record credit sale)
Dec. 3 v
Cost of Goods Sold
373,500
Cost
Inventory
373,500
(To record cost of merchandise sold)
Dec. 3 v Freight-Out
390
Cash
390
(To record freight charges)
2.
Dec. 8 v
Sales and Returns Allowances
23,900
Accounts Receivable
23,900
3.
Dec. 13 v
Cash
605,088
Sales Discounts
25,212
Accounts Receivable
630,300
Assume that Sunland Company received the balance due from Marigold Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically inden
not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 2 v
Transcribed Image Text:No. Date Account Titles and Explanation Debit Credit 1. Dec. 3 v Accounts Receivable 654,200 Sales Revenue 654,200 (To record credit sale) Dec. 3 v Cost of Goods Sold 373,500 Cost Inventory 373,500 (To record cost of merchandise sold) Dec. 3 v Freight-Out 390 Cash 390 (To record freight charges) 2. Dec. 8 v Sales and Returns Allowances 23,900 Accounts Receivable 23,900 3. Dec. 13 v Cash 605,088 Sales Discounts 25,212 Accounts Receivable 630,300 Assume that Sunland Company received the balance due from Marigold Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically inden not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 2 v
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