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On December 12, 2021, Pace Electronics received $25,200 from a customer toward a cash sale of $252,000 of diodes to be completed on January 16, 2022. What journal entries should Pace record on December 12 and January 16

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tutorAnne

Answer: Please find answers in explanation column

Explanation:

Journal to record collection of cash for deferred sales.

Date                Account titles                  Debit               Credit

Dec 12         Cash                                     $25,200

                 Deferred sales revenue                                $25,200        

Journal to record the sales revenue

Date                Account titles                  Debit               Credit

Jan  16         Cash                                $226,800

                 Deferred sales revenue      $25,200

                  Sales Revenue                                              $252,000  

Cash received = Sales Revenue - Deferred Sales revenue

=   $252,000  - $25,200= $226,800

     

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