The following transactions occurred for Bedford Sausage Supply Co. 

2020 Sept. 

2 Karen Blum, owner, invested an additional $15,000 in the business. 

3 Sold $1,850 worth of merchandise on account to Petra’s Meat Market, sales invoice No. 460, terms 1/10, n/30. Cost of inventory was $1,387.50. 

5 Sold $825 worth of merchandise on account to Chapman’s Deli, sales invoice No. 461, terms 1/10, n/30. Cost of inventory was $618.75. 

8 Sold $930 worth of merchandise on account to Valemont Variety Meats Co., sales invoice No. 462, terms 1/10, n/30. Cost of inventory was $697.50. 

12 Received cash from Petra’s Meat Market in payment of September 3 transaction, sales invoice No. 460, less discount. 

19 Sold $1,500 worth of merchandise on account to Discount Meats, sales invoice No. 463, terms 1/10, n/30. Cost of inventory was $1,125. 

22 Received cash payment from Chapman’s Deli in payment of September 5 transaction, sales invoice No. 461.

23 Collected cash sale, $638. Cost of inventory was $478.50. 

23 Issued credit memorandum No. 101 to Discount Meats for $300 worth of merchandise returned from September 19 sales on account. Cost of inventory being returned is $225. 

25 Received cash from Discount Meats in payment of September 19 sales invoice No. 463. (Don’t forget about the credit memo and discount.) 25 Collected cash sales, $813. Cost of inventory was $609.75. 

26 Sold meat-cooling equipment for $900 cash. (Ignore depreciation entry.) 

29 Sold $1,620 worth of merchandise on account to Chapman’s Deli, sales invoice No. 464, terms 1/10, n/30. Cost of inventory was $1,215. 

30 Issued credit memorandum No. 102 to Chapman’s Deli for $420 worth of merchandise returned from September 29 transaction, sales invoice No. 464. Cost of inventory being returned is $315. 

Required 

a. Journalize the transactions in the appropriate journals. 

b. Record and post as appropriate. 

c. Prepare a schedule of accounts receivable as of Sept. 30.