Question

R. J. Hinton Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers or in CengageNow. The following transactions took place during April of this year:
Apr. 3 Sold merchandise on account to Maxwell Company, invoice no. 822, $ 652.80.
7 Sold merchandise on account to B. A. Fitzpatrick Company, invoice no. 823, $ 462.15.
8 Sold merchandise on account to Durham Hardware, invoice no. 824, $ 205.60.
13 Issued credit memo no. 61 to B. A. Fitzpatrick Company for merchandise returned, $ 136.50.
15 Sold merchandise on account to Briggs and Campos, invoice no. 825, $ 831.47.
21 Sold merchandise on account to Pena and Carr, invoice no. 826, $ 590.34.
24 Issued credit memo no. 62 to Briggs and Campos for merchandise returned, $ 80.45.
Apr. 26 Sold merchandise on account to O’Neill Company, invoice no. 827, $ 569.90.
28 Issued credit memo no. 63 to Durham Hardware for damage to merchandise, $ 52.48.
30 Sold merchandise on account to Durham Hardware, invoice no. 828, $ 735.50.

Required
1. Record these sales of merchandise on account in the sales journal (page 39). Record the sales returns and allowances in the general journal (page 74).
2. Immediately after recording each transaction, post to the accounts receivable ledger.
3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412.
4. Prepare a schedule of accounts receivable.

Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.



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  • CreatedOctober 21, 2014
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