From the following transactions for Andrew Co., journalize, record, post, and prepare a schedule of accounts receivable
Question:
From the following transactions for Andrew Co., journalize, record, post, and prepare a schedule of accounts receivable when appropriate. You will have to set up your own accounts receivable subsidiary ledger and partial general ledger as needed. All sales terms are 4/10, n/30.
201X
Oct. 1 Andrew Albright invested $2,600 in the business.
1 Sold merchandise on account to Greenfield Co., invoice no. 1, $750.
2 Sold merchandise on account to Robert Co., invoice no. 2, $900.
3 Cash sale, $215.
8 Issued credit memorandum no. 1 to Greenfield Co. for defective merchandise, $150.
10 Received check from Greenfield Co. for invoice no. 1, less returns and discount.
15 Cash sale, $430.
18 Sold merchandise on account to Greenfield Co., invoice no. 3, $650.
Accounts 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:
Date 201X Account Titles and Description PR Dr Cr Oct 1 Cash 111 2 6 0 0 00 Andrew Albright Capital ...View the full answer
