Recognizing Accounts Receivable On June 7, Bixby Co. sells $950 of merchandise to Jasmine Co. on account. Jasmine Co. pays for this merchandise on June 21.Prepare the entry on Bixby's books to record the sale.Prepare the entry on Bixby's books to record the receipt of payment.a.General JournalDateDescriptionDebitCreditJune 7AnswerAnswerAnswer AnswerAnswerAnswer To record sales of merchandise. b.General JournalDateDescriptionDebitCreditJune 21AnswerAnswerAnswer AnswerAnswerAnswer To record receipt of cash from customer. PreviousSave AnswersNext

Journal Entry:— It is an act of recording transactions in books of account when transaction…

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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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Recognizing Accounts Receivable On June 7, Bixby Co. sells $950 of merchandise to Jasmine Co. on account. Jasmine Co. pays for this merchandise on June 21.

Prepare the entry on Bixby's books to record the sale.
Prepare the entry on Bixby's books to record the receipt of payment.

General Journal
Date	Description	Debit	Credit
June 7	Answer	Answer	Answer
	Answer	Answer	Answer
	To record sales of merchandise.

General Journal
Date	Description	Debit	Credit
June 21	Answer	Answer	Answer
	Answer	Answer	Answer
	To record receipt of cash from customer.

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