requirement 1. journalize lough companys transactions during august 2025, assuming lough company uses the…

requirement 1. journalize lough companys transactions during august 2025, assuming lough company uses the direct write - off method\nsales of $50,200 ($44,000 on account, $16,200 for cash). ignore cost of goods sold (record debits first, then credits. select the explanation on the last line of the journal entry table. prepare a single compound journal entry.)

requirement 1. journalize lough companys transactions during august 2025, assuming lough company uses the direct write - off method\nsales of $50,200 ($44,000 on account, $16,200 for cash). ignore cost of goods sold (record debits first, then credits. select the explanation on the last line of the journal entry table. prepare a single compound journal entry.)

Answer

Explanation:

Step1: Record cash and accounts receivable

Debit Cash $$16,200$, debit Accounts Receivable $$44,000$.

Step2: Record sales revenue

Credit Sales Revenue $$60,200$ (since total sales = $$44,000+$16,200$).

Answer:

Date Accounts and Explanation Debit Credit
Aug Cash $16,200$
Accounts Receivable $44,000$
Sales Revenue $60,200$
(To record sales)