Question:
Bill€™s Cosmetic Market of Brandon began operating in April. There is 8% PST and 5% GST on all cosmetic sales. Bill offers no discounts. The following transactions occurred in April:
Required
a. Journalize, record, and post as appropriate.
b. Prepare a schedule of accounts receivable for the end of April 2013.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Transcribed Image Text:
2013 April Bill Murray invested $10,000 in the cosmetic market from hi personal account. 2 3 From the cash register tapes, lipstick cash sales were $5,000 4 From the cash register tapes, eyeshadow cash sales were 5 Sold lipstick on account to Alice Koy Co., $400, sales invoide 9 Sold eyeshadow on account to Marika Sanchez Co., $900 16 Issued credit memorandum No. 30 to Alice Koy Co. for 18 Marika Sanchez Co. paid half the amount owed from sales 19 Sold lipstick on account to Jeff Tong Co., $600 sales invoice 22 Sold eyeshadow on account to Rusty Neal Co., $1,000, sales plus taxes $3,000 plus taxes. No. 1001, plus taxes. sales invoice No. 1002, plus taxes. lipstick returned, $200. (Be sure to reduce taxes payable.) invoice No. 1002, dated April 9 No. 1003, plus taxes. invoice No. 1004, plus taxes Issued credit memorandum No. 31 to Jeff Tong Co. for $300 (plus taxes), for lipstick returned from sales invoice No. 1003, dated April 20. Sold lipstick on account to Marika Sanchez Co., $900, sales invoice No. 1005, plus taxes 23 26 29 Cash sales taken from the cash register tape showed: 1. Lipstick -$4,000 + taxes 2. Eyeshadow-$2,000 + taxes Received payment from Marika Sanchez Co. of sales invoice No. 1005, dated April 26 30