Respuesta :
Answer:
DEBIT Accounts receivables $237
CREDIT Revenue $237
Being entries to recognize sale of merchandise to Jones High Booster Club on account.
Explanation:
The sale would ordinarily have two effects in the books. On for the recognition of sale ( as required by this question) and the other is on the reduction in inventory.
For Bill's Grocery to record this sale, since the sale was on account to Jones High Booster Club, the accounts involved are revenue and accounts receivable. The entries are;
DEBIT Accounts receivables $237
CREDIT Revenue $237
Being entries to recognize sale of merchandise to Jones High Booster Club on account.
