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Fiancee Company

Intermediate Accounting1

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Fiancee Company

Intermediate Accounting1

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© © All Rights Reserved

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Fiancee Company

Required:
Prepare journal entries to record the transactions
Debit Credit
1) Accounts Receivable 4,000,000
Sales 4,000,000

2) Cash 1,470,000
Sales discount 30,000
Accounts receivable 1,500,000

3) Cash 1,000,000
Accounts receivable 1,000,000

4) Sales return 100,000

Accounts receivable 100,000

5) Sales return 40,000

Allowances for sales return 40,000

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