During August 2024, Lima Company recorded the following:Requirements• Sales of $133,300 ($122,000 on account; $11,300 for cash). Ignore Cost of1. Journalize Lima's transactions during August 2024, assuming Limauses the direct write-off method.Goods Sold.• Collections on account, $106,400.2. Journalize Lima's transactions during August 2024, assuming Limauses the allowance method.• Write-offs of uncollectible receivables, $990.• Recovery of receivable previously written off, $800.Requirement 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method.Sales of $133,300 ($122,000 on account, $11,300 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of thejournal entratable. Prepare a single compound journal entry.)Accounts and ExplanationDebitCreditDateAug

Journal is the book where day-to-day business transactions are originally recorded. Journal entry is…

Requirements 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method, 2. Journalize Lima's transactions during August 2024, assuming Lima uses the allowance method.

Requirements 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method, 2. Journalize Lima's transactions during August 2024, assuming Lima uses the allowance method.

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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