Match the following activities to the three business transactions (more than one number can be used). 1.

Question:

Match the following activities to the three business transactions (more than one number can be used).

1. Record to the accounts receivable subsidiary ledger.

2. Journalize the transaction.

3. Post to the general ledger.

1. Sold merchandise on account to Clo Co., invoice no. 1, $90. Cost of the merchandise was $55.

2. Sold merchandise on account to Flynn Co., invoice no. 2, $1,500. Cost of the merchandise was $925.

3. Issued credit memorandum no. 1 to Flynn Co. for defective merchandise, $50. Cost of the merchandise was $28.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...

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