Chart of Accounts 11 Cash 12 Accounts Receivable 14 Computer Supplies 18 Equipment 21 Accounts Payable 23 Notes Payable 31 O. Myer, Capital 32 O. Myer, Drawing 41 Fees Earned 51 Wages Expense 52 Rent Expense Journalize the following transaction: July 31 Recorded owner's withdrawal of $1,000 hint: you may not need to fill in every box GENERAL JOURNAL Page 1 Date Description Post Debit Credit
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.
QUESTION 11
-
Chart of Accounts
11
Cash
12
Accounts Receivable 14
Computer Supplies
18
Equipment
21
Accounts Payable
23
Notes Payable
31
O. Myer, Capital
32
O. Myer, Drawing
41
Fees Earned
51
Wages Expense
52
Rent Expense
Journalize the following transaction:
July 31 Recorded owner's withdrawal of $1,000
hint: you may not need to fill in every box
GENERAL JOURNAL Page 1
Date
Description
Post
Debit
Credit
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