On January 10, 2021, Kato Kreations sold merchandise on account to Lechner & Associates for $15,600, n/30.
Question:
On January 10, 2021, Kato Kreations sold merchandise on account to Lechner & Associates for $15,600, n/30. On February 9, Lechner gave Kato a 10% promissory note in settlement of this account. Prepare the journal entries to record the sale and the settlement of the accounts receivable. Ignore any inventory and cost of goods sold for the purposes of this question.
Step by Step Answer:
Jan 10 Accounts Receivable x Lechner 15600 Sales 15...View the full answer
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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