To assist you in recording these transactions for the month of January, at the end of this problem is the schedule of accounts receivable as of December 31 and an updated chart of accounts with the current balance listed for each account.
1. Journalize the transactions.
2. Record in the accounts receivable subsidiary ledger and post to the general ledger as appropriate. A partial subsidiary ledger is included in the working papers that accompany this text.
3. The following accounts have been added to the chart of accounts: Sales #4010, Sales Returns and Allowances #4020, and Sales Discounts #4030.
4. Prepare a schedule of accounts receivable as of January 31, 201X.
The January transactions are as follows:
Jan. 1 Sold $700 worth of merchandise to Taylor Golf on credit, sales invoice no. 5000; terms 2/10, n/30.
10 Sold $3,000 worth of merchandise on account to Anthony Pitale, sales invoice no. 5001; terms 2/10, n/30.
11 Received $3,000 from Accu Pac, Inc., toward payment of its balance; no discount allowed.
12 Collected $2,000 cash sales.
19 Sold $4,000 worth of merchandise on account to Vita Needle, sales invoice no. 5002; terms 4/10, n/30.
20 Collected balance in full from invoice no. 5001, Anthony Pitale.
29 Issued credit memorandum to Taylor Golf for $400 worth of merchandise returned, invoice no. 5000.
29 Collected full payment from Vita Needle, invoice no. 5002.
Schedule of Accounts Receivable
Sanchez Computer Center
December 31, 201X
Taylor Golf ........... $ 2,900.00
Vita Needle ........... 6,800.00
Accu Pac ............ 3,900.00
Total Amount Due ......... $13,600.00

  • CreatedApril 24, 2014
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