List Of Accounts Exercise 7-5 Accounts Payable Accounts Receivable Advertising E

Question

List Of Accounts Exercise 7-5 Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Bad Debt Expense Cash Cash Over and Short Due from Factor Due to Customer Discount on Notes Payable Discount on Notes Receivable Freight-In Freight-Out Gain on Disposal of Land Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Loss on Sale of Receivables Miscellaneous Expenses No Entry Notes Payable Notes Receivable Office Expense Owner's Drawings Petty Caslh Postage Expense Purchase Discounts Recourse Liability Sales Discounts Sales Discounts Forfeited Sales Revenue Service Revenue Supplies Supplies Expenses Unearned Sales Revenue

Explanation / Answer

Date Accounts Title Dr Cr Gross Method 3-Jun Accounts Receivable $2,600 Sales $2,600 12-Jun Cash 2522 Sales discount (2600*3%) 78 Accounts Receivable 2600 Net Method 3-Jun Accounts Receivable $2,522 Sales (2600*97%) $2,522 12-Jun Cash $2,522 Accounts Receivable $2,522 29-Jul Cash $2,600 Accounts Receivable 2522 Sales Discount Forefieted 78 Note it is FOB shipping, so buyer will pay no effect on the above entries

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