Alanda Murray owns Alandas SCUBA Shop of Bathurst. (In the Excel templates in MyLab Accounting, balances as
Question:
Alanda Murray owns Alanda’s SCUBA Shop of Bathurst. (In the Excel templates in MyLab Accounting, balances as of April 1 are provided for the accounts receivable and general ledger accounts.) In Alanda’s province, it is necessary to add HST of 13% to arrive at the final invoice amount. The following transactions occurred in April. Inventory was sold at 75% of cost.
Required
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, 2023.
Transcribed Image Text:
2023 Apr. 3 1 Alanda Murray invested an additional $15,000 in the business. Sold $500 worth of merchandise (plus 13% HST) on account to John Co., sales invoice No. 614, terms 2/10, n/30. 7 Sold $1,200 worth of merchandise (plus HST) on account to Diane Co., sales invoice No. 615, terms 2/10, n/30. 8 Sold $300 worth of merchandise (plus HST) on account to J. Fellowes, sales invoice No. 616, terms 2/10, n/30. 11 Received cash from John Co. in payment of April 3 transaction, sales invoice No. 614, less discount. 14 Sold $2,000 worth of merchandise (plus HST) on account to Tyler Co., sales invoice No. 617, terms 2/10, n/30. 15 Received cash, less discount, from Diane Co. in payment of April 7 transaction, sales invoice No. 615. 18 18 Charged cash sales, $1,600 (plus HST). Issued credit memorandum No. 101 to Tyler Co. for $500 (plus HST) worth of merchandise returned from April 14 sales. Merchandise was damaged so it was not returned to inventory. 21 Received payment from Lucas Meyer of the amount due from previous month, $904.00. 22 Received cash from Tyler Co. in payment of April 14 sales invoice No. 617. (Don't forget about the credit memo, HST, and discount.) Charged cash sales, $4,000 (plus necessary HST). 25 28 Sold merchandise priced at $5,000 (plus HST), on account, to Lucas Meyer, sales invoice No. 618, terms 2/10, n/30. 29 Issued credit memorandum No. 102 to Lucas Meyer for $800 worth of merchandise (plus HST) returned from April 28 transaction, sales invoice No. 618. Cost of inventory returned was $600.
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a b and c Date Invoice 2023 No Apr 3 614 7 615 8 616 14 617 28 618 Customers Name John Co Dia...View the full answer
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Related Book For
College Accounting A Practical Approach
ISBN: 9780135222416
14th Canadian Edition
Authors: Jeffrey Slater, Debra Good
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