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July 31: Southside Food Vendors reported a total of $12,000 of vending machine sales for July. Ten percent of these sales are $1,200. Since $500
July 31: Southside Food Vendors reported a total of $12,000 of vending machine sales for July. Ten percent of these sales are $1,200. Since $500 had already been received and recorded in July, Jim received the $700 owed. What should I debit and credit for my journal entries?
July 31: Southside Food Vendors reported a total of $12,000 of vending machine sales for July. Ten percent of these sales are $1,200. Since $500 had already been received and recorded in July, Jim received the $700 owed. What should I debit and credit for my journal entries?
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