Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Carla Vista Company's chart of accounts includes the following selected accounts. 101 112 120 301 Cash Accounts Receivable Inventory Owner's Capital 401 414 505 Sales

image text in transcribed
image text in transcribed
Carla Vista Company's chart of accounts includes the following selected accounts. 101 112 120 301 Cash Accounts Receivable Inventory Owner's Capital 401 414 505 Sales Revenue Sales Discounts Cost of Goods Sold 1 4 On April 1, the accounts receivable ledger of Carla Vista Company showed the following balances: Morrow $1,500, Rose $1,190, Jennings Co. $2,910, and Dent $2,300. The April transactions involving the receipt of cash were as follows. Apr The owner, T. Carla Vista, invested additional cash in the business $7.130. Received check for payment of account from Dent less 2% cash discount Received check for $955 in payment of invoice no. 307 from Jennings Co. Made cash sales of merchandise totaling $7.215. The cost of the merchandise sold was $4,329.00. 10 Received check for $610 in payment of invoice no. 309 from Morrow. 11 Received cash refund from a supplier for damaged merchandise $760. Received check for $1,180 in payment of invoice no. 310 from Jennings Co. Received check for payment of account from Rose (no cash discount allowed) 00 UN 23 29 (a) (b) Insert the beginning balances in the Accounts Receivable control and subsidiary accounts, and post the April transactions to these accounts. (Post entries in the order of entries presented in the previous part.) General Ledger No. Accounts Receivable Date Explanation Ref. Balance Debit Credit Balance CR1 Accounts Receivable Subsidiary Ledger Morrow Date Debit Credit Balance Explanation Ref. Balance CR1 Rose Date Debit Credit Balance Explanation Ref. Balance I CR1 Jennings Co. Explanation Ref. . Balance Date Debit Credit Balance CRI CR1 Dent Date Debit Credit Balance Explanation Ref. Balance CRI

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 Information Systems Understanding Business Processes

Authors: Brett Considine, Alison Parkes, Karin Olesen, Michael Lee, Derek Speer

3rd Edition

1742165559, 978-1742165554

More Books

Students also viewed these Accounting questions

Question

Which statement about the User Datagram Protocol ( UDP ) is true?

Answered: 1 week ago