Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At the end of May, the sales Journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $8,064 Date PR

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
At the end of May, the sales Journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $8,064 Date PR May 6 10 17 25 31 Account Debited Aaron Reckers Sara Reed Anna Page Sara Reed Totals Invoice Number 190 191 192 193 Accounts Receivable Dr. Sales Cr. 2,640 1,700 752 303 5,460 Cost of Goods Sold Dr. Inventory Cr. 2,006 1,403 445 178 4,032 Mountain View also recorded an allowance (price reduction) given to Anna Page with the following entry Date General Journal Debit Credit May 20 Sales Returns and Allowances 250 Accounts Receivable-Anna Page 250 Record allowance to customer. Required: 1. Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account 2. Post the sales journal and any portion of the general journal entry that affects these accounts. 3. Prepare a schedule of accounts receivable Complete this question by entering your answers in the tabs below. Required: Required 2 Required a Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Anna Page Date Debit Credit Balance May 17 757 757 May 20 250 507 Sara Rood Debit Credit Date Balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Anna Page Date Debit 757 May 20 Credit May 17 Balance 757 250 507 Date Balance Sara Reed Debit Credit 1.700 303 May 10 May 25 1,700 2003 Date Aaron Reckers Debit Credit 2,640 Balance May 6 2,640 Resulted Required 2 > Required 1 Required 2 Required 3 Post the sales journal and any portion of the general journal entry that affects these accounts. Date May 31 Sales Journ GENERAL LEDGER Accounts Receivable Debit Credit 5.400 250 Balance 5,400 5.150 Sales Debit Date May 31 Sales Journ Credit 5.400 Balance 5.400 Date May 31 Sales Journ Sales Returns and Allowances Debit Credit 250 Balance 250 Inventory Debit Credit Balance Date Beginning Inventory May 31 Gen Journ 4.245 (4.245) (3.995) 250 Date May 31 Gen. Journ Cost of Goods Sold Debit Credit 4,245 Balance 4245 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of accounts receivable. MOUNTAIN VIEW Schedule of Accounts Receivable May 31 Anna Page Sara Reed Aaron Reckers Total accounts receivable $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting What The Numbers Mean

Authors: David Marshall, Wayne William McManus, Daniel Viele

6th Edition

0072834641, 978-0072834642

More Books

Students also viewed these Accounting questions

Question

What is cost-plus pricing?

Answered: 1 week ago

Question

Understand highlights of legislation enacted in 1964 and beyond

Answered: 1 week ago