Question 1: On July 1, Fadi Co. sold merchandise on account to Samy Company...
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Question 1: On July 1, Fadi Co. sold merchandise on account to Samy Company for $30,000 terms 2/10, n/30. On July 5, Samy returned merchandise worth $10,000 to Fadi Co. On July 11, Fadi received payment from Samy Company for the balance due. On Sept, 4, Fadi Co. sold merchandise on account to Samy Company for $50,000 terms 2/10, n/30. Fadi Co. writes off Magdy $2000 balance as uncollectible on November 12. Prepare the journal entry to record this transaction on the books of Fadi Co. and post to Accounts receivable account (T account). The answer: The General Journal Date Dr Cr Dr Accounts receivable Cr
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