During August 2024, Lough Company recorded the following: Sales of $58,400 ($44,000 on account; $14,400 for...
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During August 2024, Lough Company recorded the following: Sales of $58,400 ($44,000 on account; $14,400 for cash). Ignore Cost of Goods Sold. Collections on account, $34,100. • Write-offs of uncollectible receivables, $1,900. Recovery of receivable previously written off, $600. • Date Aug. Accounts and Explanation Requirement 1. Journalize Lough's transactions during August 2024, assuming Lough uses the direct write-off method. Sales of $58,400 ($44,000 on account; $14,400 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry.) Debit Requirements Journalize Lough's transactions during August 2024, assuming Lough uses the direct write-off method. Credit 1. 2. Journalize Lough's transactions during August 2024, assurning Lough uses the allowance method. During August 2024, Lough Company recorded the following: Sales of $58,400 ($44,000 on account; $14,400 for cash). Ignore Cost of Goods Sold. Collections on account, $34,100. • Write-offs of uncollectible receivables, $1,900. Recovery of receivable previously written off, $600. • Date Aug. Accounts and Explanation Requirement 1. Journalize Lough's transactions during August 2024, assuming Lough uses the direct write-off method. Sales of $58,400 ($44,000 on account; $14,400 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry.) Debit Requirements Journalize Lough's transactions during August 2024, assuming Lough uses the direct write-off method. Credit 1. 2. Journalize Lough's transactions during August 2024, assurning Lough uses the allowance method.
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Step 1 1 Date Account Titles Debit Credit Aug Accounts Receivable 44000 Cash 14400 Sales Revenue 584... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
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