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Prepare the journal entry to record this transaction

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Question - On July 1, Fadi Co. sold merchandise on account to Samy Company for $30,000 terms 2/10, n/30.

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

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.

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

Reference no: EM132720659

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