Mary Parker owns Parkers SCUBA Shop in Bathurst. (In your Study Guide with Working Papers, balances as
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a. Journalize the transactions.
b. Record in the accounts receivable ledger and post to the general ledger as needed.
c. Prepare a schedule of accounts receivable as of April 30, 2014.
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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2014 Apr 1 Mary Parker invested an additional $14,000 in the business. 4 4 8 11 14 18 18 Sold $800 worth of merchandise (plus HST at 13%) on account to J. Simpson, sales invoice No. 614, terms 2/10, n/30 Sold $1,600 worth of merchandise (plus HST) on account to R. Langley, sales invoice No. 615, terms 2/10, n/30. Sold $600 worth of merchandise (plus HST) on account to J. Fellowes, sales invoice No. 616, terms 2/10, n/30 Received cash from J. Simpson in payment of April 4 transac- tion, sales invoice No. 614, less discount (pre-HST amount) Sold $3,000 worth of merchandise (plus HST) on account to Phyllis Leung, sales invoice No. 617, terms 2/10, n/30. Received cash payment from R. Langley in payment of April 4 transaction, sales invoice No. 615 Collected cash sales, $2,500 (plus HST) Issued credit memorandum No. 101 to Phyllis Leung for $900 (plus HST) of merchandise returned from April 14 sales on account. 21 21 Received payment from Roland Doncaster of the amount due 21 Received cash from Phyllis Leung in payment of April 14 22 Collected cash sales, $3,200 plus HS.T from the previous month, $904.00 sales invoice No. 617. (Don't forget the credit memo, HST, and discount.) Sold merchandise priced at $6,000 (plus HST) on account to Roland Doncaster, sales invoice No. 618, terms 2/10, n/30 Issued credit memorandum No. 102 to Roland Doncaster for $1,000 worth of merchandise (plus HST) returned from April 25 transaction, sales invoice No. 618 25 29
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Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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