A business maintains subsidiary accounts for each of its customers.On April 7,the business provides $2,500 in services to Anne Hill on account.The business sells $4,000 (sales price)of merchandise inventory to Ron Wilson on account.
The full amount was collected from each customer on April 26.
Prepare the journal entries for April 7 and April 26.Ignore Cost of Goods Sold and omit explanations.
Definitions:
Q9: When using the allowance method,the receipt of
Q79: _ are equity securities in which the
Q116: A petty cash fund was established with
Q137: Which of the following securities typically pay
Q156: The bank statement shows the beginning and
Q169: For exchanges of plant assets with commercial
Q172: Treasury bills are _.<br>A)investments that pay cash
Q185: The rate of return on total assets
Q190: A company is uncertain whether a complex
Q209: The entry to write off an account