1. Journalize the transactions using the perpetual method of accounting for inventory. 2. Record to the...

 

Transcribed Image Text:

1. Journalize the transactions using the perpetual method of accounting for inventory. 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 November. November 202X Transactions Nov. 1 Nov. 5 Nov. 8 Nov. 10 Nov. 12 Sold auto parts merchandise to S. Trex on account, $1,200, invoice no. 80, plus 2% sales tax. The cost of the merchandise was $720. Sold auto parts merchandise to D. Garvin on account, $600, invoice no. 81, plus 2% sales tax. The cost of the merchandise was $420. Sold auto parts merchandise to Lance Brown on account, $7,500, invoice no. 82, plus 2% sales tax. The cost of the merchandise was $5,250. Issued credit memorandum no. 12 to S. Trex for $350 for defective auto parts merchandise returned from Nov. 1 transaction. (Be careful to record the reduction in Sales Tax Payable as well.) The cost of the merchandise was $245. Sold auto parts merchandise to D. Garvin on account, $800, invoice no. 83, plus 2% sales tax. The cost of merchandise was $560. 1. Journalize the transactions using the perpetual method of accounting for inventory. 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 November. November 202X Transactions Nov. 1 Nov. 5 Nov. 8 Nov. 10 Nov. 12 Sold auto parts merchandise to S. Trex on account, $1,200, invoice no. 80, plus 2% sales tax. The cost of the merchandise was $720. Sold auto parts merchandise to D. Garvin on account, $600, invoice no. 81, plus 2% sales tax. The cost of the merchandise was $420. Sold auto parts merchandise to Lance Brown on account, $7,500, invoice no. 82, plus 2% sales tax. The cost of the merchandise was $5,250. Issued credit memorandum no. 12 to S. Trex for $350 for defective auto parts merchandise returned from Nov. 1 transaction. (Be careful to record the reduction in Sales Tax Payable as well.) The cost of the merchandise was $245. Sold auto parts merchandise to D. Garvin on account, $800, invoice no. 83, plus 2% sales tax. The cost of merchandise was $560.

Answer rating: 100% (QA)

Here are the journal entries to record the transactions November 1 Sales 1200 Sales ... View the full answer