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During August 2024, Magid Company recorded the following Sales of $39,800 ($33,000 on account, $6,800 for cash). Ignore Cost of Goods Sold. Collections on
During August 2024, Magid Company recorded the following Sales of $39,800 ($33,000 on account, $6,800 for cash). Ignore Cost of Goods Sold. Collections on account, $19,700. Write-offs of uncollectible receivables, $1,900. Recovery of receivable previously written off, $700. Requirements point(s) possible 1. Journalize Magid's transactions during August 2024, assuming Magid uses the direct write-off method 2. Journalize Magid's transactions during August 2024, assuming Magid uses the allowance method Requirement 1. Journalize Magid's transactions during August 2024, assuming Magid uses the direct write-off method Sales of $39,800 ($33,000 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) Date Aug Accounts and Explanation Collections on account, $19,700 Date Aug Debit Credit Accounts and Explanation Debit Credit
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