Will Rate

Recognizing Accounts Receivable On August 9, Gunner Co. sells $400 of merchandise to Taylor Co. on account. Taylor Co. pays for this merchandise on September 1. a. Prepare the entry on Gunner's books to record the sale. b. Prepare the entry on Gunner's books to record the receipt of payment. a. General Journal Date Description Debit Credit Aug.9 0) To record sales of merchandise. b. General Journal Date Description Debit Credit Sept.1 0 0 To record receipt of cash from customer