At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory
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Question:
At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $9,546.
Date | Account Debited | Invoice Number | PR | Accounts Receivable Dr. Sales Cr. | Cost of Goods Sold Dr. Inventory Cr. | ||||||
May 6 | Aaron Reckers | 190 | 3,020 | 2,295 | |||||||
10 | Sara Reed | 191 | 2,080 | 1,716 | |||||||
17 | Anna Page | 192 | 926 | 544 | |||||||
25 | Sara Reed | 193 | 370 | 218 | |||||||
31 | Totals | 6,396 | 4,773 | ||||||||
Mountain View also recorded the return of defective merchandise with the following entry.
Date | General Journal | Debit | Credit |
May 20 | Sales Returns and Allowances | 175 | |
Accounts Receivable—Anna Page | 175 | ||
Customer returned (worthless) merchandise. | |||
Required:
1. Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account.
2. Post the sales journal and any portion of the general journal entry that affects these accounts.
3. Prepare a schedule of accounts receivable.
Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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