The following transactions Occurred for Bedford Sausage Supply Co. Required a. Journalize the transactions in the appropriate
Question:
Required
a. Journalize the transactions in the appropriate journals.
b. Record and post as appropriate.
c. Prepare a schedule of accounts receivable.
Transcribed Image Text:
2014 Sept. 2 3 5 8 12 19 22 23 Karen Blum, owner, invested an additional S15,000 in the business. Sold $1,850 worth of merchandise on account to Petra's Meat Market, sales invoice No. 460, terms 1/10, n/30. Sold $825 worth of merchandise on account to Chapman's Deli, sales invoice No. 461, terms 1/10, n/30. Sold $930 worth of merchandise on account to Valemont Variety Meats Co., sales invoice No. 462, terms 1/10, n/30. Received cash from Petra's Meat Market in payment of September 3 transaction, sales invoice No. 460, less discount. Sold $1,500 worth of merchandise on account to Discount Meats, sales invoice No. 463, terms 1/10, n/30. Received cash payment from Chapman's Deli in payment of September 3 transaction, sales invoice No. 461 Collected cash sale, $638. Issued credit memorandum No. 101 to Discount Meats for $300 worth of merchandise returned from September 19 sales on account. 2 23 25 Received cash from Discount Meats in payment of Sept ember 19 sales invoice No. 463. (Don't forget about the credit memo and discount.) 4 Sept. Collected cash sales, $813 Sold meat cooling equipment for $900 cash. (Beware.) Sold $1,620 worth of merchandise on account to Chapman's Deli, sales invoice No. 464, terms 1/10, n/30. Issued credit memorandum No. 102 to Chapman's Deli for $420 worth of merchandise returned from September 29 transaction, sales invoice No. 464. 25 26 29 30
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College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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