Ask Question
4 June, 14:02

On June 7, Pixer Co. sells $1500 of merchandise to Jasmine Co. on account. Jasmine Co. pays for this merchandise on June 21. a. Prepare the entry on Pixer's books to record the sale. b. Prepare the entry on Pixer's books to record the receipt of payment.

+4
Answers (1)
  1. 4 June, 16:36
    0
    a.

    Debit Accounts Receivable $1,500

    Credit Sales $1,500

    b.

    Debit Cash $1,500

    Credit Accounts Receivable $1,500

    Explanation:

    On June 7, Pixer Co. sells $1500 of merchandise to Jasmine Co. on account.

    Pixer's books records the sale by the entry:

    Debit Accounts Receivable $1,500

    Credit Sales $1,500

    On June 21, Jasmine Co. pays for this merchandise. Pixer's books records the receipt of payment by the entry:

    Debit Cash $1,500

    Credit Accounts Receivable $1,500
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On June 7, Pixer Co. sells $1500 of merchandise to Jasmine Co. on account. Jasmine Co. pays for this merchandise on June 21. a. Prepare the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers