The following transactions occurred for Lodge Co. of St. Albert for the month of July: Required a.
Question:
The following transactions occurred for Lodge Co. of St. Albert for the month of July:
Required
a. Journalize the transactions in the appropriate journals.
b. Record in the accounts receivable ledger and post to the general ledger as appropriate.
c. Prepare a schedule of accounts receivable as of July 31.
Transcribed Image Text:
2022 July 2 Sold merchandise to Joan Timkins Co. on account, $1,600, 5 9 invoice No. 115, terms: net 30 days. Cost of inventory was $1,120. Sold merchandise to Chris Cowan Co. on account, $825, invoice No. 116, terms: net 30 days. Cost of inventory was $577.50. Sold merchandise to Cross & Co. on account, $1,950, invoice No. 117, terms: net 30 days. Cost of inventory was $1,365. Issued credit memorandum No. 1 to Joan Timkins Co. for $400 worth of merchandise returned because of faulty colouring match. Cost of inventory being returned is $280. 12 15 Sold merchandise to Chris Cowan Co. on account, $925, invoice No. 118, terms: net 30 days. Cost of Inventory was $647.50. Sold merchandise to Cross & Co. on account, $930, invoice No. 119, terms: net 30 days. Cost of inventory was $651. 19 23 Sold merchandise to Joan Timkins Co. on account, $2,025, invoice No. 120, terms: net 30 days. Cost of inventory was $1,417.50.
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College Accounting A Practical Approach
ISBN: 9780135222416
14th Canadian Edition
Authors: Jeffrey Slater, Debra Good
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