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Kuna Co sells goods and performs services for various customers on credit. On June 1, 2021 Accounts Receivable had a debit balance of $150. During
Kuna Co sells goods and performs services for various customers on credit. On June 1, 2021 "Accounts Receivable" had a debit balance of $150. During the month of June the following transactions occurred. Date 7/6 13/6 16/6 20/6 27/6 Transaction description Performed services for customer X and billed the customer $300. Sold goods to customer Y for $250. Credit terms 2/10, n/30. Received a partial payment of $150 from customer X. Customer Y returned goods with a sales price of $75. Received payment from customer Y for the balance due. Required: (a) Prepare the journal entries for the above transactions (Ignore COGS) (20 pts) (b) What is the balance of Accounts Receivable on June 30 (5 pts) SOLUTION (a) DATE ACCOUNT TITLES DEBIT CREDIT June 7 > $ DATE ACCOUNT TITLES DEBIT CREDIT June 13 $ $ DATE ACCOUNT TITLES DEBIT CREDIT June 16 $ DATE ACCOUNT TITLES DEBIT CREDIT June 20 $ $ DATE ACCOUNT TITLES DEBIT CREDIT June 27 $ (b) The balance of Accounts Receivable on June 30 is: $ >
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