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1- O During August 2024, Texit Company recorded the following: Sales of $83,800 ($77,000 ch account; $6,800 for cash). Ignore Cost of Goods Sold. Collections
1- O During August 2024, Texit Company recorded the following: Sales of $83,800 ($77,000 ch account; $6,800 for cash). Ignore Cost of Goods Sold. Collections on account, $58,900. Write-offs of uncollectible receivables, $1,900. Recovery of receivable previously written off, $400. Date Aug. Requirement 1. Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Sales of $83,800 ($77,000 on account; $6,800 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.) Accounts and Explanation Collections on account, $58,900. Date Aug. Accounts and Explanation Write-offs of uncollectible receivables, $1,900. Date Accounts and Explanation Debit Debit Debit Credit Credit CE Credit Requirements Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Journalize Texit's transactions during August 2024, assuming Texit uses the allowance method. 1. 2.
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