Journal entry Franko should make to record the sale will be:
Date | Particulars | L.F | Amount ($) | Amount ($) |
Account Receivable | 805 | |||
Sales Revenue | 805 | |||
(For Sales made on credit) |
So, the answer is a.
Debit account receivable and credit sales revenue by $805.
Franko Inc. just made a sale to a customer on account (aka. 'on credit) for $805,...
Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record this sale transaction would be: Multiple Choice Debit Cash of $625 and credit Sales $625. O Debit Cash of $625 and credit Accounts Receivable $625. Debit Accounts Receivable $625 and credit Sales $625. Debit Accounts Receivable $625 and credit Cash $625. C) Debit Soles $625 and credit Accounts Receivable $625.
Scott Company made a credit sale of $2,500 to a customer on January 15, 2017. The journal entry on January 15, 2017 is: Select one: a. Date Debit Credit 1/15/2017 Accounts Receivable 2500 Sales 2500 b. Date Debit Credit 1/15/2017 Sales 2500 Accounts Receivable 2500 c. Date Debit Credit 1/15/2017 Accounts Receivable 2500 Cash 2500 d. Date Debit Credit 1/15/2017 Cash 2500 Sales 2500
Fraxon Inc. made a $40,000 sale on account with terms of 1/15, n/30. If the company uses the gross method, which of the following will be included in the journal entry to record customer payment within the discount period? credit Accounts Receivable $40,000 credit Sales Discount $400 credit Sales Revenue $40,000 credit Cash $39,600
When a company makes a sale and accepts a credit card payment from a customer, the company: Multiple Choice debits Cash. debits Accounts Receivable. credits Cash. credits Accounts Receivable.
The journal entry that records the collection of cash from a customer for payment on account for a sale that was recorded previously includes a debit to: Multiple Choice Accounts Receivable and credit to Cash. Cash and credit to Accounts Payable. Cash and credit to Accounts Receivable Accounts Payable and credit to Cash.
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...
4 SorCo. Inc. has just entered into a sale agreement with a customer. The contract is for $1,150,000. However, the payments will be made as follows: 1 August 20X1 on date of delivery $510,000, 1 August 20X2 $320,000 and 1 August 20x3 $320,000. SorCo has estimated that the Interest rate required for this customer is 7% ints Required: Prepare the Jounal entry required to record the sale on 1 August 20X1 and the recelpt of cash on 1 August 20X2...
Lamps Unlimited, a wholesaler, sold several crates of lighting for $1,500 on account, to a customer with credit terms of 110, 1/30. If the customer pays within the discount period, the journal entry to record the receipt of payment would include: Multiple Choice a debit to Accounts Receivable for $1,500 a credit to Accounts Receivable for $1485 0 a debit to Sales Discounts for $15 0 O credit to Sales Discounts for $150. 0
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30. The customer pays within the discount period. On the date of payment, the company will debit: Multiple Choice O Accounts Receivable for $776 O Cash for $800 O Sales Discounts for $24 O Sales Revenue for $800
Multiple choice. Herschel Inc. provided lanscaping services to $5,600. The customer was billed for the services. What journal entry should Herschel Inc. record? A) Debit Accounts Receivable 5,600; Credit Landscaping Revenue 5,600 B) Debit Cash 5,600; Credit Landscaping Revenue 5,600 C) Credit Landscaping Revenue 5,600; Debit Accounts Receivable 5,600 D) Debit Landscaping Revenue 5,600; Credit Cash 5,600