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Prepare journal entries to record the items noted

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Question - Presented below is information for Sheffield Company

1. Beginning-of-the-year Accounts Receivable balance was $24,800.

2. Net sales (all on account) for the year were $107,700. Sheffield does not offer cash discounts.

3. Collections on accounts receivable during the year were $88,700.

Required - Prepare (summary) journal entries to record the items noted above.

If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Are summary journal entries different than standard journal entries?

Reference no: EM132706655

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