An item costing $625 was sold by Mullis Company to a customer on account with terms of n/30. Debit Cash of $625 and Credit Accounts Receivable of $625 would be the journal entry needed to document this sale.
The act of maintaining or creating records of any transactions, whether they are financial or not, is known as journaling. An accounting journal entry transactions and displays a company's debit and credit balances. The journal entry may have multiple entries, each of which is either a credit or a debit. An entry in your journal serves as a record of a transaction in your company's books. For every transaction, at least two journal entries must be made in double-entry bookkeeping. A bookkeeper records all of the changes that a transaction can bring about in a firm because they can be rather numerous. A document is a saved piece of work that is made using a computer program like a word processor or spreadsheet. Additionally, every digital document is saved as a file with a distinctive name that sets it apart from every other document.
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