Question
In: Accounting
Lindley Enterprises sells hand-woven rugs. Paige Corporation is a regular customer if Lindley. On June 30,...
Lindley Enterprises sells hand-woven rugs. Paige Corporation is a regular customer if Lindley. On June 30, Paige purchased 500 rugs from Lindley for $400,000 on credit. On August 15, Paige paid Lindley in full in its $400,000 balance.
Prepare the related journal entries for Lindley.
Solutions
Expert Solution
| Date | Account Titles | Debit | Credit |
| June 30 | Accounts Receivable - Paige Corporation | $400,000 | |
| Sales revenue | $400,000 | ||
| ( To record the sale of hand-woven rugs to Paige Corporation on credit ) | |||
| August 15 | Cash | $400,000 | |
| Accounts Receivable - Paige Corporation | $400,000 | ||
| (To Record the balance received from pagie Corporation) |
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