Kate Collins has opened Fontina and Stuff, a wholesale grocery and cheese company. The following transactions occurred

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Kate Collins has opened Fontina and Stuff, a wholesale grocery and cheese company. The following transactions occurred in February:

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Required1. Journalize the transactions. Beginning balances of Merchandise Inventory is $5,000 for grocery merchandise and $7,000 for cheese.

2. Record to the accounts receivable subsidiary ledger and post to the general ledger as appropriate.

3. Prepare a schedule of accounts receivable for the end of February.

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...
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Related Book For  book-img-for-question

College Accounting A Practical Approach

ISBN: 9780134729312

14th Edition

Authors: Jeffrey Slater, Mike Deschamps

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