During August 2018, Magid Company recorded the following: Sales of $59,000 (844,000 on account:...
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During August 2018, Magid Company recorded the following: Sales of $59,000 (844,000 on account: $15,000 for cash). Ignore Cost of Goods Sold. . Collections on account, $32,400. Write-offs of uncollectible receivables, $1.110. Recovery of receivable previously written off $1,000. Requirements 1. Journalize Magid's transactions during August 2018, assuming Magid uses the direct write-off method. 2. Journalize Magid's transactions during August 2018, assuming Magid uses the allowance method. Requirement 1. Journalize Magid's transactions during August 2018, assuming Magid uses the direct write-off method. Sales of $59,000 ($44,000 on account: $15,000 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry) Date Accounts and Explanation Dobit Credit Aug
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