Question

requirement 1. journalize lough companys transactions during august 2025, assuming lough company uses the direct write - off method
sales 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.)

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
	Accounts Receivable	$44,000$
	Sales Revenue		$60,200$
	(To record sales)