Question

July 31: Southside Food Vendors reported a total of $12,000 of vending machine sales for July....

July 31: Southside Food Vendors reported a total of $12,000 of vending machine sales for July. Ten percent of these sales are $1,200. Since $500 had already been received and recorded in July, Jim received the $700 owed. What should I debit and credit for my journal entries?
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Journal entry for $700 which is received by Jim will include cash account debit and accounts receivable account credit as there will no accounts receivable for $700.

Therefore the journal entry will be

Cash account debit. $700

Accounts receivable account credit $700

Please note in the given solution I have assumed that the journal entry of $500 and sale of $12,000 have already been passed at the time of the receipt and transaction respectively. Therefore I have given the journal entry for the remaining $700 of sale which was made on account and received later on.

If you find the answer helpful please upvote.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
5. Show journal entries for the following transactions: a. Food sales for the day amounted to...
5. Show journal entries for the following transactions: a. Food sales for the day amounted to $1,050 b. liquor sales amounted to $900 on cash and $600 on account. c. Storeroom purchase of liquor totalling $1,200 is charged by the operation to an open account. d. Paid for advertising $850 e. Sales report for the day was as follows: Room sales $5,000 Food 2,200 Beverage 700 Sales tax 300 Cash and credit card payments received 6,700 In-house credit cards 1,500
On December 31, 2017, Cullumber Inc. has a machine with a book value of $ 1,222,000....
On December 31, 2017, Cullumber Inc. has a machine with a book value of $ 1,222,000. The original cost and related accumulated depreciation at this date are as follows. Machine $ 1,690,000 Less: Accumulated depreciation 468,000 Book value $ 1,222,000 Depreciation is computed at $ 78,000 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries...
On August 1, 2019, the accountant for Western Imports downloaded the company's July 31, 2019, bank...
On August 1, 2019, the accountant for Western Imports downloaded the company's July 31, 2019, bank statement from the bank's Website. The balance shown on the bank statement was $28,840. The July 31, 2019, balance in the Cash account in the general ledger was $13,424. Jenny Irvine, the accountant for Western Imports, noted the following differences between the bank's records and the company's Cash account in the general ledger: An electronic funds transfer for $15,200 from Foncier Ricard, a customer...
On August 1, 2019, the accountant for Western Imports downloaded the company's July 31, 2019, bank...
On August 1, 2019, the accountant for Western Imports downloaded the company's July 31, 2019, bank statement from the bank's Website. The balance shown on the bank statement was $28,810. The July 31, 2019, balance in the Cash account in the general ledger was $13,687. Jenny Irvine, the accountant for Western Imports, noted the following differences between the bank's records and the company's Cashaccount in the general ledger: An electronic funds transfer for $14,900 from Foncier Ricard, a customer located...
Cullumber Company closes its books on its July 31 year-end. The company does not make entries...
Cullumber Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $26,000. Notes Receivable include the following. Date Maker Face Value Term Maturity Date Interest Rate April 21 Coote Inc. $4,400 90 days July 20 9% May 25 Brady Co. 8,400 60 days July 24 11% June 30 BMG Corp. 13,200 6 months December 31 7% During July,...
Kingbird, Inc. closes its books on its July 31 year-end. The company does not make entries...
Kingbird, Inc. closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $ 26,600. Notes Receivable include the following. Date Maker Face Value Term Maturity Date Interest Rate April 21 Coote Inc. $ 5,600 90 days July 20 8% May 25 Brady Co. 9,000 60 days July 24 10% June 30 BMG Corp. 12,000 6 months December 31 8%...
Wildhorse Co. closes its books on its July 31 year-end. The company does not make entries...
Wildhorse Co. closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $ 24,200. Notes Receivable include the following. Date Maker Face Value Term Maturity Date Interest Rate April 21 Coote Inc. $ 4,400 90 days July 20 7% May 25 Brady Co. 7,800 60 days July 24 10% June 30 BMG Corp. 12,000 6 months December 31 6%...
On April 30, 2016, Rudolph Inc. purchased a three-year insurance policy with a cash payment of...
On April 30, 2016, Rudolph Inc. purchased a three-year insurance policy with a cash payment of $ 19,800. Coverage began immediately. What is the amount of Insurance Expense relating to this insurance policy that will be reported for the year ended December 31, 2016? $8,800 $2,200 $4,400 $6,600 Three months of rent were prepaid on May 1 for $7,200, but two months have now expired, leaving only one month prepaid at June 30. What is the amount of rent expense...
On December 31, 2020, Martinez Inc. has a machine with a book value of $1,391,200. The...
On December 31, 2020, Martinez Inc. has a machine with a book value of $1,391,200. The original cost and related accumulated depreciation at this date are as follows. Machine $1,924,000 Less: Accumulated depreciation 532,800 Book value $1,391,200 Depreciation is computed at $88,800 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update...
During the year ended December 31, 2015, Kelly’s Camera Shop had sales revenue of $140,000, of...
During the year ended December 31, 2015, Kelly’s Camera Shop had sales revenue of $140,000, of which $70,000 was on credit. At the start of 2015, Accounts Receivable showed a $11,000 debit balance and the Allowance for Doubtful Accounts showed a $540 credit balance. Collections of accounts receivable during 2015 amounted to $62,000.      Data during 2015 follow: a. On December 10, a customer balance of $1,200 from a prior year was determined to be uncollectible, so it was written off....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT