Match the following activities to the three business transactions (more than one number can be used) 1 Record to the accounts receivable subsidiary ledger 2 Journalize the transaction 3 Post to the general ledger a Sold merchandise on account to Lee Co , invoice no 1, $60 b Sold merchandise on acco...

a 1 2 3 Sold merchandise on account to Lee ...

Match the following activities to the three business transactions (more than one number can be used). 1.

Question:

Match the following activities to the three business transactions (more than one number can be used).
1. Record to the subsidiary ledger.
2. Journalize the transaction.
3. Post to the general ledger.
a. ______ Sold merchandise on account to Lee Co., invoice no. 1, $60.
b. ______ Sold merchandise on account to Flynn Co., invoice no. 2, $1,500.
c. ______ Issued credit memorandum no. 1 to Flynn Co. for defective merchandise, $50.

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...