Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during august 2024, tuccim company recorded the fo

During August 2024, Tuccim Company recorded the following: Sales of $138,200 (5133,000 on account:...

60.1K

Verified Solution

Question

Accounting

image
During August 2024, Tuccim Company recorded the following: Sales of $138,200 (5133,000 on account: $5,200 for cash). Ignore Cost of Goods Sold . Collections on account, $114,900. Write-offs of uncollectible receivables. $1,320 Recovery of receivable previously written off, $600. Requirements 1. Journalize Tuccim's transactions during August 2024, assuming Tuccim uses the direct write-off method. 2. Journalize Tuccim's transactions during August 2024, assuming Tuccim uses the allowance method. Requirement 1. Journalize Tuccim's transactions during August 2024, assuming Tuccim uses the direct write-off method. Sales of $138,200 ($133,000 on account: $5,200 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) Accounts and Explanation Aug Cash Accounts Receivable Sales Revenue Date Debit Credit

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students