John VanWyk owns VanWyks Tractor Shop in Bathurst. (In the Excel templates in MyLab Accounting, balances as
Question:
John VanWyk owns VanWyk’s Tractor Shop in Bathurst. (In the Excel templates in MyLab Accounting, balances as of April 1 are provided for the accounts receivable and general ledger accounts.) In John’s province, it is necessary to add HST of 13% to the sales total to arrive at the final invoice amount. The following transactions occurred in April. Cost of inventory is calculated at 70% of sales.
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. 4 1 John Van Wyk invested an additional $14,000 in the business. Sold $800 worth of merchandise (plus HST at 13%) on account to Connor Co., sales invoice No. 614, terms 2/10, n/30. 4 Sold $1,600 worth of merchandise (plus HST) on account to R. Langley, sales invoice No. 615, terms 2/10, n/30. 8 Sold $600 worth of merchandise (plus HST) on account to J. Fellowes, sales invoice No. 616, terms 2/10, n/30. Received cash from Connor Co. 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 Reanne Co., sales invoice No. 617, terms 2/10, n/30. 14 18 18 21 11 Received cash payment from R. Langley in payment of April 4 transaction, sales invoice No. 615. Charged cash sales, $2,500 (plus HST). Issued credit memorandum No. 101 to Reanne Co. for $900 (plus HST) of merchandise returned from April 14 sales on account. Merchandise was defective, so it was not returned to inventory. Received payment from Jaiden Parker of the amount due from the previous month, $904.00. 21 21 Received cash from Reanne Co. in payment of April 14 sales invoice No. 617. (Don't forget the credit memo, HST, and discount.) Charged cash sales, $3,200 plus HST. 22 25 Sold merchandise priced at $6,000 (plus HST) on account to Jaiden Parker, sales invoice No. 618, terms 2/10, n/30. 29 Issued credit memorandum No. 102 to Jaiden Parker for $1,000 worth of merchandise (plus HST) returned from April 25 transac- tion, sales invoice No. 618. Cost of inventory returned was $700.
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a b and c Date 2023 Apr Invoice No 4 614 4 615 8 616 14 617 25 618 Customers Name Connor Co R L...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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