Question

Presented below is information for Marin Company.

Answer 1

Answer:

Debit Accounts Receivable for $104,700; and Credit Sales Revenue for $104,700.

Debit Cash for $85,400; and Credit Accounts Receivable for $85,400.

Explanation:

The (summary) journal entries to record the items noted will look as follows:

Particulars                                   Debit ($)             Credit ($)        

Accounts Receivable                  104,700

Sales Revenue                                                         104,700

(To record net sales (all on account) for the year.)                        

Cash                                             85,400

Accounts Receivable                                               85,400

(Collections on accounts receivable during the year.)