Journal entry worksheet 1 9. 10 11 12 13 14 15 16 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22. Note: Enter debits before credits. Date General Journal Debit Credit Aug 29
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Cash account is debited because current asset is increased
Discount allowed account is debited because discount allowed is a expense. Increase in expense is debited.
Accounts receivable is a current asset and when an asset decreases it is credited. When a debtor discharges his liability then to that extent his obligation gets reduced.
Sale price $4,200
Allowance ($700)
Balance $3500
Sales discount ($35)
($3500*1%)
Cash received $3,465
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