Problem $7\mathrm{.}5$A $($Static$)$ Posting transactions to the general ledger and accounts receivable ledger. LO $7-4,7-5$

Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm during April $20$X$1$ follow. The firm sells its merchandise for cash and on open account. During April, Incredible Sounds engaged in the following transactions:

$$

DATETRANSACTIONS$20$X$1$April$1$Sold merchandise for $$4,500$ to Alto Music Center; issued Invoice $3912$ with terms of $1/10,$ n$/30.3$Received a check for $$1,980$ from Music Supply Store in payment of Invoice $2718$ of March $25($$$2,000),$ less cash discount $($$$20).5$Sold merchandise totaling $$1,725$ in cash to a new customer who has not yet established credit.$7$Merchandise of $$80$ sold on April $5$ is returned for a cash refund.$8$Sold merchandise for $$6,500$ to Music Warehouse; issued Invoice $3913$ with terms of $2/10,$ n$/30.10$Received payment from Alto Music Center in payment of Invoice $3912,$ less cash discount.$15$Accepted a return of damaged merchandise from Music Warehouse; issued Credit Memorandum $105$ for $$2,300.$ The original sale was made on Invoice $3913$ on April $8.17$Received payment from Music Warehouse for the sale of April $8,$ less the return on April $15$; Music Warehouse deducted the appropriate cash discount from its payment.$19$Received a check for $$2,300$ as payment in full from Oldies Sounds for Invoice $3850$ dated March $20.20$Sold merchandise for $$11,200$ to Hawk Music Center; issued Invoice $3914$ with terms of $2/10,$ n$/30.25$Sold merchandise for $$10,800$ to Modern Sounds; issued Invoice $3915$ with terms of $2/10,$ n$/30.26$Sold merchandise for $$8,600$ to Country Tunes; issued Invoice $3916$ with terms of $2/10,$ n$/30.27$Accepted a return of damaged merchandise from Modern Sounds; issued Credit Memorandum $106$ for $$500.$ The original sale was made on Invoice $3915$ on April $25.29$Received payment from Hawk Music Center for the sale of April $20,$ less cash discount.$30$Sold merchandise for $$3,200$ to Oldies Sounds; issued Invoice $3917$ with terms of $2/10,$ n$/30.$

Required:

Post the above transactions to the appropriate accounts in the general ledger and in the accounts receivable ledger.

Prepare a schedule of accounts receivable.

$$

GENERAL LEDGER ACCOUNTS$101$Cash, $$27,400$ Dr$\mathrm{.}451$Sales Returns and Allowances$111$Accounts Receivable, $$4,300$ Dr$\mathrm{.}452$Sales Discounts$401$Sales$$

$$

$$

ACCOUNTS RECEIVABLE LEDGER ACCOUNTS$$Alto Music Center$$Music Supply Store$$2,000$Country Tunes$$Music Warehouse$$Hawk Music Center$$Oldies Sounds$$2,300$Modern Sounds$$

$$

Analyze:

What were the total sales on account in April, prior to any returns, allowances, or discounts?