Rita Hayle has opened Food on the Go, a wholesale grocery and pizza company, in Edmonton. The

Question:

Rita Hayle has opened Food on the Go, a wholesale grocery and pizza company, in Edmonton. The following transactions occurred in June.

2019 June

1 Sold merchandise to Joe Kase Co. on account, $400, invoice No. 702. Cost of inventory was $280.

4 Sold merchandise to Sue Moore Co. on account, $600, invoice No. 703. Cost of inventory was $420.

8 Sold merchandise to Long Co. on account, $700, invoice No. 704. Cost of inventory was $490.

11 Issued credit memorandum No. 34 to Joe Kase Co. for $150 worth of grocery merchandise returned because of spoilage. Cost of inventory was $105.

15 Sold merchandise to Sue Moore Co. on account, $180, invoice No. 705. Cost of inventory was $126. 18 Sold merchandise to Long Co. on account, $300, invoice No. 706. Cost of inventory was $210.

25 Sold merchandise to Joe Kase Co. on account, $1,200, invoice No. 707. Cost of inventory was $840.

Required

a. Journalize the transactions in the appropriate journals.

b. Record in the accounts receivable subsidiary ledger.

c. Prepare a schedule of accounts receivable.

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...

Fantastic news! We've Found the answer you've been seeking!