It is October 16, 2020, and you have just taken over the accounting work of China Moon

Question:

It is October 16, 2020, and you have just taken over the accounting work of China Moon Products, whose annual accounting period ends October 31. The company?s previous accountant journalized its transactions through October 15 and posted all items that required posting as individual amounts, as an examination of the journals and ledgers in the Working Papers will show.

The company completed these transactions beginning on October 16, 2020. Terms of all credit sales are 2/10, n/30.image

Required

1. Record the transactions in the journals provided.

2. Post to the customer and creditor accounts and also post any amounts that should be posted as individual amounts to the general ledger accounts. Normally, these amounts are posted daily, but they are posted only once by you in this problem because they are few in number.

3. Foot and crossfoot the journals and make the month-end postings.

4. Prepare an October 31 trial balance and prepare schedules of accounts receivable and payable.

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

Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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