Trails End Vacations has a $2,200 account receivable from the Sun City Kiwanis. On March 11, the Kiwanis makes a partial payment

Question

Deffense [45]

3 years ago

12

Trails End Vacations has a $2,200 account receivable from the Sun City Kiwanis. On March 11, the Kiwanis makes a partial payment

of $1,050 to Trails End. The journal entry made on March 11 by Trails End to record this transaction includes:

Business

1 answer:

Pavlova-9 [17] · Answer 1 · 2022-02-12T18:35:32+03:00

Answer:

Cash $1,050 (debit)

Accounts Receivable :Sun City Kiwanis $1,050 (credit)

Explanation:

When Kiwanis makes a partial payment to settle their account, in Trails Ends records, we recognize (1) an the increase in the assets of cash and (2) recognize a decrease in the assets of accounts receivable.