Brief Exercise 8-02 Record the following transactions on the books of Sheridan Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On July 1, Sheridan Co. sold merchandise on account to Stacey Inc. for $21,540, terms 4/10, n/30. (b) On July 8, Stacey Inc. returned merchandise worth $2,540 to Sheridan Co. (c) On July 11, Stacey Inc. paid for the merchandise. Date Account Titles and Explanation Debit Credit Choose a transaction date July 1July 8July 11 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date July 1July 8July 11 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date July 1July 8July 11 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount
Brief Exercise 8-02 Record the following transactions on the books of Sheridan Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On July 1, Sheridan Co. sold merchandise on account to Stacey Inc. for $21,540, terms 4/10, n/30. (b) On July 8, Stacey Inc. returned merchandise worth $2,540 to Sheridan Co. (c) On July 11, Stacey Inc. paid for the merchandise. Date Account Titles and Explanation Debit Credit Choose a transaction date July 1July 8July 11 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date July 1July 8July 11 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date July 1July 8July 11 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
Question
Brief Exercise 8-02
Record the following transactions on the books of Sheridan Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
| (a) | On July 1, Sheridan Co. sold merchandise on account to Stacey Inc. for $21,540, terms 4/10, n/30. | |
| (b) | On July 8, Stacey Inc. returned merchandise worth $2,540 to Sheridan Co. | |
| (c) | On July 11, Stacey Inc. paid for the merchandise. |
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|
|---|---|---|---|---|
|
Choose a transaction date
July 1July 8July 11
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
|
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
||
|
Choose a transaction date
July 1July 8July 11
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
|
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
||
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
|
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
||
|
Enter an account title
|
Enter a debit amount
|
Enter a credit amount
|
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