The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. Question 1 of 8 What follows is a fill in the blank question with 16 blanks. Prepare the journal entry for sales.
The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. Question 1 of 8 What follows is a fill in the blank question with 16 blanks. Prepare the journal entry for sales.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
- The
balance sheet at the end of 2018 reportedAccounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). - The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales.
- By the end of the year, the company had collected $6,291,700 of accounts receivable.
- It also wrote off an account for $10,380.
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Question 1 of 8
What follows is a fill in the blank question with 16 blanks.
Prepare the
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