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Journalize the following transactions for Tanaka Company for June 2022, the company's first month of operations. You may omit explanations for the transactions.
1. Purchased equipment on account for $9,800.
2. Billed customers $5,600 for services performed.
3. Made payment of $2,400 on account for equipment purchased earlier in the month.
4. Collected $3,900 on customer accounts.
Cost of Goods Sold
Expenses directly linked to the creation of a company's sold products.
Sales
Sales refer to the transactions where goods or services are exchanged for money, representing the primary source of revenue for most businesses.
Receivables Period
The average time a business spends waiting for its customers to settle their dues.
Credit Sales
Sales for which payment is not received immediately, but the buyer is extended credit to pay at a later date, affecting a company's cash flow and revenue recognition.
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