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Make the journal entry to record transaction on the book

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On July 5, Samy returned merchandise worth $10,000 to Fadi Co.

  • On July 1, Fadi Co. sold merchandise on account to Samy Company for $30,000 terms 2/10, n/30.
  • On July 11, Fadi received payment from Samy Company for the balance due.
  • On Sept, 4, Fadi Co. sold merchandise on account to Samy Company for $50,000 terms 2/10, n/30.
  • Fadi Co. writes off Magdy $2000 balance as uncollectible on November 12.

Problem 1: Prepare the journal entry to record this transaction on the books of Fadi Co. and post to Accounts receivable account (T account).

Reference no: EM132695085

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