On July 8, 2023, Aster Co. issued debit memorandum No. 1 for $400 to Reel Co. for
Question:
On July 8, 2023, Aster Co. issued debit memorandum No. 1 for $400 to Reel Co. for merchandise returned from invoice No. 312, which originally included GST at 5%. Your task is to journalize, record, and post this transaction as appropriate. Use the same account numbers as found in the text for Art’s Clothing Company (see page below 274 of Chapter 6). The general journal page is page 1.
Data from in page 274 of Chapter 6.
Transcribed Image Text:
Accounts Receivable Date 2021 May 18 31 31 Inventory Date May 31 May 31 Sales Date 2021 May 31 Explanation Date Explanation 2021 May 18 31 31 Sales Returns and Allowances Date May 31 May 31 Explanation Cost of Goods Sold Date PARTIAL GENERAL LEDGER 2021 May 1 18 T PR Explanation GJ1 S11 SJ1 GJ1 Date 2021 May 4 PR SJ1 GJ1 Explanation Debit 310000 15000 PR SJ1 Debit 15000 |||| PR GJ1 SI1 GJ1 Explanation PR Debit SJ1 GJ1 Credit 232500 Explanation 20000 Cr. Dr. Dr. Dr. Credit Debit 20000 232500 T 232500 Cr. Cr. |||| Debit. 232500 Jane Company NAME ADDRESS 1218 Broadview Avenue, Toronto, ON M5X 2A1 Dr. or Cr. PR SJ1 GJ1 Acct. No. 112 Dr. or Cr. Credit |||| 310000 Cr. PR SJ1 Credit Balance. 20000 Ftalates 290000 57500 72500 Debit Dr. or Credit ACCOUNTS RECEIVABLE LEDGER NAME Ralph Company ADDRESS 1300 Marine Drive, West Vancouver, BC V6P9B6 Acct. No. 115. TTT 60000 Dr. Dr. 15000 Dr. Balance 232500 4P2000 212500 Debit Dr. or Cr. Acct. No. 411 250000 Balance .... 310000 Dr. or Cr. Dr. 232500 15000 Dr. 212500 Acct. No. 412 Balance Credit Controlling Account. Note the unusual balance of $200 (Cr.) because of the return. Why? Because the total of the sales journal is not posted until the end of the month. Note: Inventory typically has a debit balance. This posting shows only the above transactions; it does not show purchases of inventory made before this transaction. 20000 252500 237500 11 Acct. No. 502 20000 M Balance Credit Dr. Balance 60000 40000 Dr. Balance 250000 Customers owe Moss money and thus each account. has a debit balance
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Related Book For
College Accounting A Practical Approach
ISBN: 9780135222416
14th Canadian Edition
Authors: Jeffrey Slater, Debra Good
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