menu
Sign up

Myrex Corporation Purchased $4,000 in Merchandise from Techcom

Question 160
Essay

Myrex Corporation purchased $4,000 in merchandise from TechCom. Myrex signed a 60-day, 10%, $4,000 promissory note. TechCom should record the sale with a journal entry debiting ____________________ for _________ and crediting __________________ for _______.

Related questions
Q 157
To write off an uncollectible account receivable when the allowance method of accounting for uncollectible accounts is used, a company should debit _______________________ and credit accounts receivable.
Q 158
The ________________________ methods use balance sheet relations to estimate bad debts - mainly the relation between accounts receivable and the allowance amount.
Q 159
The _______________________ method uses both past and current receivables to estimate the allowance amount, and assumes that the longer an amount is past due, the more likely it is to be uncollectible.
logo
© 2020-2021 Cozyplus FZ LLC. All rights reserved