Question 1:

• On July 1, Maged Co. sold merchandise on account to Hani Co. for $30,000 terms 2/10, n/30.
• On July 5, Hani returns merchandise worth $5000 to Maged Co.
• On July 10, Maged Co. receives payment from Hani Co. for the balance due.
• On Sept, 5, Maged Co. sold merchandise on account to Samy for $20,000 terms 2/10, n/30.
• On Sept. 20 Samy paid the amount due to Maged Co.
• Maged Co. writes off Salem Co. $4000 balance as uncollectible on December 12.

Prepare the journal entry to record this transaction on the books of Maged Co. and prepare Accounts receivable account (T account).

Date		Dr	Cr

Dr Accounts receivable Cr