Ch 7 revenue recognition receivables and advances from customa. Journal entry to
ID: 2417693 • Letter: C
Question
Ch 7 revenue recognition receivables and advances from customa. Journal entry to recognize revenues and expenses: Debit Credit Accounts Receivable, Gross Click for List Sales Revenue Merchandise Inventory b. Journal entry to recognize sales returns and bad debts expense (combined): Debit Credit Sales Returns Bad Debt Expense Allowance for Doubtful Accounts and Sales Returns c. Beginning Balance, Allowance Sales Returns Bad Debt Expense Less : Ending Balance, Allowance Total Returns and Writeoffs ers
Explanation / Answer
Solution.
1.
Account receivable account debited xxx
Service revanue account credited xxxx
2.
Expense account debited xxxx
Account payable Debited xxxx
3.
Sales Returns account debited xxxx
Bad Debt Expense debited xxxx
Account recivable account credited xxx
Bad Debt Expense Allowance account credited xxx