1. Additional revenue during the month amounts to $6,500. (You have not had time to account for each sale/service individually.) $4,500 in cash has been collected and the rest is still outstanding. (This is in addition to the December 9 transaction > Your business receives $3,000, in advance, from customers for services/sales that will be performed during January.)

FOR COMPANIES SELLING PRODUCTS: The cost of the products sold were $4,500.

2.You are unexpectedly telephoned on December 28 with a request to perform your services/sell some of your products on the last day of December. In early January, your company will send an invoice for $2,500. FOR COMPANIES SELLING PRODUCTS: The products originally costed you $750 and your shipping terms are FOB Destination, terms 2/10, n/30. Freight costs amounted to $150.

Record the journal entries of these independent transactions

Answer rating: 100% (QA)

Journal entry for additional revenue and collection of cash Cash 4500 Accounts Receivabl... View the full answer