Question

The following transactions of Ted’s Auto Supply occurred in November. Ted uses a sales journal to record sales on account (your working papers have balances as of November 1 for certain general ledger and accounts receivable ledger accounts):
201X
Nov. 1 Sold auto parts merchandise to R. Volan on account, $1,000, invoice no. 60, plus 5% sales tax.
5 Sold auto parts merchandise to J. Seth on account, $800, invoice no. 61, plus 5% sales tax.
8 Sold auto parts merchandise to Lance Corner on account, $9,000, invoice no. 62, plus 5% sales tax.
10 Issued credit memorandum no. 12 to R. Volan for $500 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. Seth on account, $600, invoice no. 63, plus 5% sales tax.

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



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  • CreatedApril 24, 2014
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