A business maintains subsidiary accounts for each of its customers. On April 7, the business provides...
A business maintains subsidiary accounts for each of its customers. On April 7, the business provides $2,500 in services to Anne Hill on account. The business sells $4,000 (sales price) of merchandise inventory to Ron Wilson on account.
The full amount was collected from each customer on April 26.
Prepare the journal entries for April 7 and April 26. Ignore Cost of Goods Sold and omit explanations.
Homework Answers
Journal
|
Date |
Account Title and Explanation |
Debit |
Credit |
| April 7 | Account receivable - Anne hill | 2,500 | |
| Service revenue | 2,500 | ||
| April 7 | Accounts receivable - Ron Wilson | 4,000 | |
| Sales revenue | 4,000 | ||
| April 26 | Cash | 6,500 | |
| Account receivable - Anne hill | 2,500 | ||
| Accounts receivable - Ron Wilson | 4,000 |
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