From the following transactions for Maggie Co., when appropriate, journalize, record, post, and prepare a schedule of
Question:
From the following transactions for Maggie Co., when appropriate, journalize, record, post, and prepare a schedule of accounts receivable. Use the same journal headings (all page 1) and chart of accounts that Art’s Clothing used in the text (use Maggie G., Capital). You will have to set up your own accounts receivable subsidiary ledger and partial general ledger as needed. All sales terms are 2/10, n/30.
2020 June
2 Maggie G. invested $6,000 in the business.
3 Sold merchandise on account to Boston Co., invoice No. 218, $800. Cost of inventory was $600.
3 Sold merchandise on account to Gary Co., invoice No. 219, $1,200. Cost of inventory was $900.
6 Cash sale, $300. Cost of inventory was $225.
9 Issued credit memorandum No. 24 to Boston Co. for defective merchandise, $150. Cost of inventory was $112.50.
10 Received cheque from Boston Co. for invoice No. 218 less returns and discount.
16 Cash sale, $500. Cost of inventory was $375.
17 Sold merchandise on account to Boston Co., invoice No. 220, $700. Cost of inventory was $525.
Accounts ReceivableAccounts 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 2020 June 3 3 17 Account Debited Boston Co Gary Co Boston Co SALES JOURNAL Terms 210 n30 210 n3...View the full answer
College Accounting A Practical Approach
ISBN: 978-0134166698
13th Canadian edition
Authors: Jeffrey Slater, Debra Good
