Jr's ledger control account balances at 1 March 2008 were as follows. Dr $340 600 Cr $1
Question:
Jr's ledger control account balances at 1 March 2008 were as follows. Dr $340 600 Cr $1 960.
During March 2008, the following transactions took place. Credit sales 295 000, Cash sales 219 750, Sales returns from credit customers 6 480, Receipts from debtors 238 600, Discounts allowed 3 500. Additional information for the month of March 2008
1. The receipts from debtors included a cheque for $3600 in full settlement of a debt of $3800. This was returned by the bank on 28 March marked "insufficient funds". 2 . Eva Little and JR both buy from and sell to each other. At 31 March 2008 Eva owed JR $5000 and JR owed $8600 to Eva. They agreed to offset balances, the net amount being payable by JR on 31 March 2008.
3. It was agreed that a debt of $2300 from Alice Springs was bad and it was written off.
4. The total credit balances in the sales ledger control account at 31 March 2008 were $8340.
REQUIRED (a) Prepare JR's sales ledger control account for the month of March 2008
College Accounting A Contemporary Approach
ISBN: 978-0077639730
4th edition
Authors: David Haddock, John Price, Michael Farina