The complete accounting cycle is:-
Date Explanations Post |pebit(S)| Cred)
Date Explanations Post | pebinS| Creat) 25rd Jon Cash 125,40]
Accounsreochable 735.400
ed Ton Cash 5000
ee 70 (a record cach received rom
|(To record cash received in Jeccounts receivable)
advance for gif cards)
Date Explanations Post | peba(s| Credits)
a 2 of ref. Debits) | Credi(s) 30th Jan |Cash_ 11,000|
Dat Botner | Tasca) 25 mca al ao [scons T5200
oP = ca 30,000 Sales revenue 145,000
are T7000 (o record cash paid for accounts
sp ia yale of in ‘Cost of goods sold. 79,500]
[fo record Inventors purchased site om
lon around) \(To record sales and cost of
Post sole)
Date a | Debit(S)| Credit(S)
Tan Allowance for molecule accounts 300)
D Purl Post Poa lc [Bad DBS expenses 600
bal operations ret_ [Pett )| Cred Accounts rehab 300 = Tipkawoies Pot Tynan)
Ti Tan [Accomisrecchable 155,00) [eo record written aff the : te
Sas Reese 135,000] account receivable) 3rd Ten | Salaries expense 33,00)
~ Cash
[Cost of goods sold 73.0) Accounts receivable of $4,600 is written off by the allowance created for uncollectible [0 record salaries expense PID
are Faaoal Account of $4,200,
As Well as balance amount of accounts receivable such as ‘As salaries are Teoorded as an expense, therefore, debited as per coating rule and cash
Ses 600($4,800 = $4, 200) is written off by debiting bad debts expenses is erected because it decreased as an asset.
|cost of sold goods)
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