A Business Maintains Subsidiary Accounts for Each of Its Customers

question 207

Essay

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.
$$\begin{array} { | l | l | l | l | } \hline \text { Date } &\quad\quad\quad\quad\quad\quad\quad\quad & \text { Debit } & \text { Credit } \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline\end{array}$$

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Definitions:

Solid-Waste Problem

The challenge related to managing and disposing of the increasing volume of solid waste generated by human activities.

Microwave Dinners

Pre-packaged frozen or refrigerated meals that are designed to be quickly heated and eaten, typically in a microwave oven.

Landfill Space

A designated area where waste is disposed of by burying it and covering it over with soil.

Tragedy Of The Commons

An economic theory describing how individual users acting independently according to their own self-interest behave contrary to the common good by depleting or spoiling shared resources.