Question

The following transactions of Jack’s Auto Supply occurred in November (Balances as of November 1 are given for general ledger and accounts receivable ledger accounts: Danielson $400 Dr.; Wallace $550 Dr.; Whitnall $400; Accounts Receivable $1,350 Dr.; Sales Tax Payable $1,900 Cr. Be sure to enter these balances in your working papers before beginning.):
201X
Nov. 1 Sold auto parts merchandise to R. Danielson on account, $1,600, invoice no. 50, plus 6% sales tax.
5 Sold auto parts merchandise to J. Wallace on account, $850, invoice no. 51, plus 6% sales tax.
8 Sold auto parts merchandise to Lance Whitnall on account, $9,000, invoice no. 52, plus 6% sales tax.
10 Issued credit memorandum no. 12 to R. Danielson for $850 for defective auto parts merchandise returned from Nov. 1 transaction. (Be careful to record the reduction in Sales Tax Payable as well.)
12 Sold auto parts merchandise to J. Wallace on account, $750, invoice no. 53, plus 6% sales tax.

Required
1. Journalize the transactions.
2. Record to the accounts receivable subsidiary ledger and post to the general ledger as appropriate.
3. Prepare a schedule of accounts receivable for the end of November.



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  • CreatedApril 24, 2014
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