Review your results from Short Exercise SB-4.

Requirements

1. Total each column of the sales journal.

2. Open the following four-column accounts in the accounts receivable subsidiary ledger: Accounts Receivable-Frank; Accounts Receivable-Jack; Accounts Receivable-Thompson; Accounts Receivable-West. Post the transactions to the accounts receivable subsidiary ledger.

3. Open the following selected four-column accounts in the general ledger: Accounts Receivable (112); Merchandise Inventory (118), Bal. $5,000; Sales Revenue (411); Cost of Goods Sold (511). Post the total of each column to the general ledger.

4. Balance the total of the customer ending balances in the accounts receivable subsidiary ledger against Accounts Receivable in the general ledger.

Exercise SB-4.

Jun. 1 Sold merchandise inventory on account to Fran Jack, $1,220. Cost of goods, $980. Invoice no. 101.

8 Sold merchandise inventory on account to Ireland Frank, $2,025. Cost of goods, $1,640. Invoice no. 102.

13 Sold merchandise inventory on account to Jake Thompson, $420. Cost of goods, $210. Invoice no. 103.

28 Sold merchandise inventory on account to Gabe West, $820. Cost of goods, $620. Invoice no. 104.

Use the following sales journal to record the preceding transactions. All credit sales are terms of n/30.

Transcribed Image Text:

Sales Journal Page 1 Cost of Goods Sold DR Merchandise Inventory CR Accounts Receivable DR Sales Revenue CR Customer Account Debited Invoice No. Post. Ref. Date 2018