On 1 January 2017, Elam Ltd had Accounts Receivable $54 200 and Allowance for Doubtful Debts $4700.
Question:
On 1 January 2017, Elam Ltd had Accounts Receivable $54 200 and Allowance for Doubtful Debts $4700. During the year the selected transactions shown below occurred.
Required
Journalise the transactions.
Transcribed Image Text:
Jan. Feb. Apr. June July Aug. 5 Sold $6000 of inventory to Brooks Pty Ltd, terms n/30. 52 Accepted a $6000, 4-month promissory note from Brooks Pty Ltd for balance due. 12 Sold $7800 of inventory to Gage Pty Ltd and accepted Gage's $7800, 2-month note for the balance due. Sold $4000 of inventory to Mathias Ltd, terms n/10. 26 12 Collected Gage Pty Ltd note in full. 2 Collected Brooks Pty Ltd note in full. 25 15 Sold $3000 of merchandise to Tritt Pty Ltd and accepted Tritt's $3000, 3-month note for the amount due. 15 Tritt Pty Ltd's note was discounted for $2940.
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Jan 5 Debit Accounts Receivable 6000 Credit Sales 60...View the full answer
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Related Book For
Financial Accounting Reporting Analysis And Decision Making
ISBN: 9780730313748
5th Edition
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
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