Prepare journal entry to record sales

Reference no: EM1361776

Steve Smith, owner of Steve's Bowling Alley, generated $30,000 in sales for the month of January. "Regular" customers are allowed to play on account. $22,000 of January sales were collected in cash, and $8,000 was applied on account. What would be the journal entry to record January sales?

Referring to Practice Problem #1, and assuming Steve had no other expenses, what is Steve's net income for January?

Steve Smith, the owner of Steve's bowling alley, purchased $10,000 of bowling shoes on 1/31/07. He paid $5,000 in cash, and applied the rest on account. What would be the journal entry to record this transaction? In other words, which accounts should be debited and credited?

Reference no: EM1361776

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