Royces Communication Sales Co. began operating in August. Royces does not offer discounts (all terms are net
Question:
Royce’s Communication Sales Co. began operating in August. Royce’s does not offer discounts (all terms are net 30 days), and 8% PST and 5% GST are charged on all sales. Cost of inventory is calculated at 70% of sales. The following transactions occurred in August:
Required
a. Journalize, record, and post as appropriate.
b. Prepare a schedule of accounts receivable for the end of August 2023.
Transcribed Image Text:
2023 Aug. 1 Royce Lamoureux invested $32,000 in Royce's Communication Sales Co. from his personal account. 2 6 7 From the cash register tapes, cellular cash sales were $5,400 plus taxes. From the cash register tapes, radio cash sales were $8,150 plus taxes. Sold cellular equipment on account to Kelly's Real Estate Co., $4,260, sales invoice No. 1201, plus taxes. 9 Sold radio equipment on account to Well's Hotshot Service Co., $3,100, sales invoice No. 1202, plus taxes. 13 Issued credit memorandum No. 1 to Kelly's Real Estate Co. for cellular equipment returned, $800. (Be sure to reduce taxes payable.) Merchandise was damaged and was not returned to inventory. 16 Well's Hotshot Service Co. paid half the amount owed from sales invoice No. 1202, dated August 9. 20 Sold cellular equipment on account to Mountain Explorations Co., $5,770, sales invoice No. 1203, plus taxes. 20 Received proceeds of loan from the Business Development Bank of Canada, $50,000. 22 Sold radio equipment on account to Walkin's Safety Supply Co., $5,820. Sales invoice No. 1204, plus taxes. 23 26 27 Issued credit memorandum No. 2 to Mountain Explorations Co. for $1,420 for equipment returned from sales invoice No. 1203, dated August 20. (Remember to include taxes!) This was defective merchandise and was not returned to inventory. Received payment of net amount due from Kelly's Real Estate Co. on sales invoice No. 1201, less the credit allowed. Cash sales taken from the cash register tape showed: 1. Cellular-$8,400 + taxes 2. Radio $7,600 + taxes 30 Sold cellular equipment on account to Well's Hotshot Service Co., $5,150 sales invoice, No. 1205, plus taxes. 31 Received balance from Well's Hotshot Service Co. for sales invoice No. 1202, dated August 9.
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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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