Bill Haas has opened Ciabatta and Whatnot, a wholesale grocery and bread company. The following transactions occurred
Question:
Bill Haas has opened Ciabatta and Whatnot, a wholesale grocery and bread company. The following transactions occurred in January:
201X
Jan. 1 Sold grocery merchandise to Cindi Co. on account, $900, invoice no. 1.
4 Sold bread merchandise to Common Law Co. on account, $550, invoice no. 2.
8 Sold grocery merchandise to Canadian Co. on account, $1,000, invoice no. 3.
10 Issued credit memorandum no. 1 to Cindi Co. for $160 of grocery merchandise returned due to spoilage.
15 Sold bread merchandise to Common Law Co. on account, $300, invoice no. 4.
19 Sold grocery merchandise to Canadian Co. on account, $400, invoice no. 5.
25 Sold bread merchandise to Cindi Co. on account, $500, invoice no. 6.
Required
1. Journalize the transactions.
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 January.
Accounts ReceivableAccounts 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...
Step by Step Answer:
1 CIABATTA AND WHATNOT GENERAL JOURNAL Date 201X Account Titles and Description PR Dr Cr Jan 1 Accounts Receivable Cindi Co 112 9 0 0 00 Grocery Sales ...View the full answer
