On May 31,a Company Had a Balance in Its Accounts

question 54

Essay

On May 31,a company had a balance in its accounts receivable of $103,200.Prepare journal entries to record the following transactions for June.

---

Definitions:

Dividends

Payments made by a corporation to its shareholders, often as a distribution of profits.

Operating Activities

Transactions and events related to the primary operations of a business, including revenue and expense activities.

Accounts Receivable

Funds that clients or customers are required to pay to a business for products or services delivered on credit.

Sales Revenues

The income received by a company from its sales of goods or services before any expenses are subtracted.