The following transactions occurred for Food on the Go of Edmonton for the month of June. 2019
Question:
The following transactions occurred for Food on the Go of Edmonton for the month of June.
2019 June
3 Sold merchandise to Joe Kase Co. on account, $800, invoice No. 1. Cost of inventory was $600.
4 Sold merchandise to Sue Moore Co. on account, $550, invoice No. 2. Cost of inventory was $412.50.
7 Sold merchandise to Long Co. on account, $900, invoice No. 3. Cost of inventory was $675.
11 Issued credit memorandum No. 1 to Joe Kase Co. for $160 worth of merchandise returned. Cost of inventory was $120.
14 Sold merchandise to Sue Moore Co. on account, $700, invoice No. 4. Cost of inventory was $525.
18 Sold merchandise to Long Co. on account, $250, invoice No. 5. Cost of inventory was $187.50.
Required:
a. Journalize the transactions in the appropriate journals.
b. Record in the accounts receivable subsidiary ledger and post to the general ledger as appropriate.
c. Prepare a schedule of accounts receivable.
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 2019 June 3 4 7 14 18 Invoice No 1 2 3 4 5 FOOD ON THE GO SALES JOURNAL Customers Name Joe Kase ...View the full answer
College Accounting A Practical Approach
ISBN: 978-0134166698
13th Canadian edition
Authors: Jeffrey Slater, Debra Good
