accounting

Project Description:

accounting question
matrix toy company sells toys and games to retail stores. the firm offers a trade discount of 40 percent on toys and 30 percent on games. its credit sales and sales returns and allowances transactions for august 2016 are shown below. the general ledger accounts used to record these transactions are listed below. the balance shown for accounts receivable is as of the beginning of august. all customers have n/45 credit terms.

general ledger accounts

111 accounts receivable $ 78,410 dr.
401 sales
451 sales returns and allowances
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date transactions
august 1 sold toys to bombay's department store; issued invoice 1001, which shows a list price of $19,500 and a trade discount of 40 percent.
5 sold games to the reader's bookstores; issued invoice 1002, which shows a list price of $21,250 and a trade discount of 30 percent.
9 sold games to the super game center; issued invoice 1003, which shows a list price of $7,500 and a trade discount of 30 percent.
14 sold toys to the little annie's toy store; issued invoice 1004, which shows a list price of $26,400 and a trade discount of 40 percent.
18 accepted a return of all the games shipped to the super game center because they were damaged in transit; issued credit memo 151 for the original sale made on invoice 1003 on august 9.
22 sold toys to the game store; issued invoice 1005, which shows a list price of $16,200 and a trade discount of 40 percent.
26 sold games to the bombay's department store; issued invoice 1006, which shows a list price of $20,600 and a trade discount of 30 percent.
30 sold toys to the pinkerton toy center; issued invoice 1007, which shows a list price of $22,800 and a trade discount of 40 percent.


bombay's department store $ 28,900
little annie's toy store 30,500
reader's bookstores
pinkerton toy center
super game center 19,010
the game store
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3.1. prepare a sales journal to record the above transactions.
3.2 record transaction in the general journal. (if no entry is required for a particular transaction, select "no journal entry required" in the first account field.)
2 & 3. post the opening balances, sales return transactions and column totals from the sales journal into the general ledger accounts. then, post each transaction individually to accounts receivable subsidiary ledger accounts.
7. prepare the revenue section of the firm's income statement for the month ended august 31.
8. prepare a schedule of accounts receivable for august 31.
analyze:

what is the effect on net sales if the company offers a series of trade discounts on toys (25 percent, 15 percent) instead of a single 40 percent discount? (select "ne" if there is no effect.)
effect on net sales ________________________________-
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Price Type: Fixed

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