Enter each of the following invoices into a multicolumn Sales Journal. Airwell Company sells three kinds of

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Enter each of the following invoices into a multicolumn Sales Journal. Airwell Company sells three kinds of machining equipment: lathes (L), milling (M), and surfacing (S). Terms are all 2% 10 days, net 30. Total all columns and cross-add the journal. Place appropriate account numbers at the bottom of each column to show where the totals have been posted. Record to individual accounts in the accounts receivable sub-ledger. Airwell uses 1200 as their Accounts Receivable controlling account in the general ledger; 4010 for Lathes Sales; 4020 for Milling Sales; and 4030 for Surfacing Sales.
2017
Aug. 2 Invoice No. 601 Sold $4,000 (L), $5,400 (M), and $1,900 (S) to Amaxe Engineering.
5 Invoice No. 602 Sold $3,850 (L), $2,700 (M), and $800 (S) to Willow Productions.
9 Invoice No. 603 Sold $3,700 (L), $5,600 (M), and $1,800 (S) to Stencle Machinery.
11 Invoice No. 604 Sold $3,600 (M) and $5,400 (S) to Macro-El Holdings.
14 Invoice No. 605 Sold $4,300 (L), $3,200 (M), and $2,500 (S) to Amaxe Engineering.
19 Invoice No. 606 Sold $4,800 (L) and $5,700 (M) to Naroco Company.
22 Invoice No. 607 Sold $4,200 (L), $2,900 (M), and $1,860 (S) to Willow Productions.
24 Invoice No. 608 Sold $4,400 (L), $2,300 (M), and $1,800 (S) to Macro-El Holdings.
29 Invoice No. 609 Sold $3,300 (M) and $2,700 (S) to Amaxe Engineering?
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...
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College Accounting A Practical Approach

ISBN: 978-0133133233

12th Canadian edition

Authors: Jeffrey Slater, Brian Zwicker

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