Kate Collins has opened Grains and Orchards, a wholesale grocery and fruit company. The following transactions occurred in March.

Required
1. Journalize the transactions. Beginning balances of Merchandise Inventory is 4,000 for grocery merchandise and $8,000 for fruit.
2. Record to the accounts receivable subsidiary ledger and post to the general ledger as appropriate.
3. Prepare a schedule of accounts receivable for the end of March.

Transcribed Image Text:

202X March 1 Sold grocery merchandise to Jane Co. on account, $900, invoice no. 1. The cost of the merchandise was $600. 4 Sold fruit merchandise to Jasper Co. on account, $1,200, invoice no. 2. The cost of the merchandise was $900. 8 Sold grocery merchandise to Sanchez Co. on account, $1,200, invoice no. 3. The cost of the merchandise was $900. 10 Issued credit memorandum no. 1 to Jane Co. for $150 of grocery merchandise returned due to spoilage. The cost of the merchandise was $85. 15 Sold fruit merchandise to Jasper Co. on account, $300, invoice no. 4. The cost of the merchandise was $190. 19 Sold grocery merchandise to Sanchez Co. on account, $700, invoice no. 5. The cost of the merchandise was $500. 25 Sold fruit merchandise to Jane Co. on account, $600, invoice no. 6. The cost of the merchandise was $450.