From the following transactions for Autumn Co., journalize, record, post, and prepare a schedule of accounts receivable

Question:

From the following transactions for Autumn 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 3/10, n/30.

201X

Aug. 1 Andrew Rodgers invested $3,200 in the business.

1 Sold merchandise on account to Clear view Co., invoice no. 1, $650.

2 Sold merchandise on account to Nathan Co., invoice no. 2, $950.

3 Cash sale, $200.

8 Issued credit memorandum no. 1 to Clear view Co. for defective merchandise, $250.

10 Received check from Clear view Co. for invoice no. 1, less returns and discount.

15 Cash sale, $400.

18 Sold merchandise on account to Clear view Co., invoice no. 3, $550.

Accounts Receivable
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...