List two (2) policies a company may adopt to lessen the risk of uncollectible accounts and improve its cash flows.

B.Joseph Corporation a mobile phone wholesaler sells mobile phones to PhoneTech Ltd, a mobile phone retailer on August 1, 2020 for $500 each, the value of the sale is $50,000, with credit terms of 3/10, n/30.Assume the company uses the net method to record accounts receivables.

Required:

a.Prepare the journal entry to record the sale.

b.On August 8, 2020, collection on $15,000 of the sales was received from PhoneTech.Record the necessary journal entry for the cash received.

c.The remaining $35,000 of the sales was collected on August 28, 2020 from Phone Tech.Record the necessary journal entry for the transaction on this date.