During August 2025, Leon Company recorded the following: Sales of $75,600 ($66,000 on account; $9,600 for
Question:
During August 2025, Leon Company recorded the following:
■ Sales of $75,600 ($66,000 on account; $9,600 for cash). Ignore Cost of Goods Sold.
■ Collections on account, $53,200.
■ Write-offs of uncollectible receivables, $1,120.
■ Recovery of receivable previously written off, $800.
Requirements
1. Journalize Leon Company’s transactions during August 2025, assuming Leon Company uses the direct write-off method.
2. Journalize Leon Company’s transactions during August 2025, assuming Leon Company uses the allowance method.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Journalizing Leon Companys transactions using the direct writeoff method a Sales on account Accounts ...View the full answer
Answered By
Krishnavendra Y
I am a self motivated financial professional knowledgeable in; preparation of financial reports, reconciling and managing accounts, maintaining cash flows, budgets, among other financial reports. I possess strong analytical skills with high attention to detail and accuracy. I am able to act quickly and effectively when dealing with challenging situations. I have the ability to form positive relationships with colleagues and I believe that team work is great key to performance. I always deliver quality, detailed, original (0% plagiarism), well-researched and critically analyzed papers.
4+ Reviews
10+ Question Solved
Related Book For 
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780137858651
8th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
Question Posted:
