Casey Company engaged in the following transactions a Made credit sales of $615,000 The cost of the merchandise sold was $417,500 b Collected accounts receivable in the amount of $592,800 c Purchased goods on credit in the amount of $445,150 d Paid accounts payable in the amount of $403,200 Require...

a Journal Date Account and Explanation Debit Credit Accounts Receivable 6150 ...

Casey Company engaged in the following transactions: a. Made credit sales of $615,000. The cost of the

Question:

Casey Company engaged in the following transactions:
a. Made credit sales of $615,000. The cost of the merchandise sold was $417,500
b. Collected in the amount of $592,800
c. Purchased goods on credit in the amount of $445,150
d. Paid in the amount of $403,200

Required:
Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash. Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...