Demonstration Problem 12 Duringol, Konfection had these transactions: 242 Issued invoice No. 1079 to record credit sale to Gardner, S800. All credit sales are made on the company's standard terms of 1/10, 1/30. Cost of the sale was $275. 3 Collected cash of $390 from Le, in full payment of their account receivable Collected not receivable, $10,000 plus interest of $600 Issued invoice No. 1080 for sale on account to Molina, $1,200. Cost of the sale was $550. 2 Received 5792 cash from Gardner, in settlement of their account receivable, net of discount, 31 Sold inventory on account to Saecho, issuing invoice No. 1081 for $2,000. Cost of the sale Received $3,005 from Langston, in full settlement of its account receivable. (The discount Issued invoice No. 1082 to Langston for sale of $950. Cost of the sale was $390. 129 Sold goods on credit to Saecho, issuing invoice No. 1083 for $630. Cost of the sale was 5280 312 issued credit in the amount of $1,325 for inventory that Saecho returned because it had spoiled during shipment. The goods were discarded. Selected accounts from the general ledger of Konfection show the following balances at April 1: Acct. Acct. No. Account Title Balance No. Account Title Balance 12 Cash 55,662 400 Sales Revenues 20 Accounts Receivable 10.110 410 Sales Discount 25 Inventory 23,685 420 Sales Returns and Allowances 30 Supplies 872 501 Cost of Goods Sold 40 Bills Receivable 10,000 601 Interest Revenue Konfection accounts receivable ledger includes the following accounts and balances at April 1: Account Title Balance Langston $ 3,005 Gardner 1,080 Saecho 4,725 Molina 910 Le 390 $10,110 General Ledger Cul Date Ref Debit Credit 1 Balance Accounts Receivable Date Rel Debit Credit 20 Balance You should be posting the totale of the columns from the sales & Cast Recepts Journal, Not the Individual entries Inventory Date Rel Debit Credit 25 Balace Supplies Date Ref. Debit Credit 30 Balance Notes Receivable Date Ref Debit Credit 40 Balance Sales Returns and Allowances Date Ref Debit Credit 420 Balance Sales Revenge Date Ref. Debit Credit 400 Balance Cost of Goods Sold 301 Date Ref Debit Credit Balance Sales Discount Date Ref Debit Credit 410 Balance Interest Revenue Date Debit Rei Credit 601 BARCE SALES JOURNAL Date Account Debited Invoice Post No. Ref. Debit A/R Credit Sales Page 9 Debit COGS Credit Inventory CASH RECEIPTS JOURNAL Page 18 DEBIT Sales Discount Date CREDIT Other Accounts Account Post Title Ref. Accounts Receivable Cash Amount GENERAL JOURNAL Page 2 Date Accounts and Explanation PR Debit Credit SALES JOURNAL Date Account Debited Invoice Post No. Ref Debit A/R Credit Sales Page 9 Debit CGS Credit Inventory CASH RECEIPTS JOURNAL DEBIT Date CREDIT Other Accounts Account Post Title Rer Sales Discount Cash Accounts Receivable Amount GENERAL JOURNAL Date Accounts and Explanation PR Debit Page 2 1 Credit Requirement 4 Schedule of Accounts Receivable Customer Balance Note the total should egne the Balance in Accents Receivable in the General Journal Demonstration Problem 12 Duringol, Konfection had these transactions: 242 Issued invoice No. 1079 to record credit sale to Gardner, S800. All credit sales are made on the company's standard terms of 1/10, 1/30. Cost of the sale was $275. 3 Collected cash of $390 from Le, in full payment of their account receivable Collected not receivable, $10,000 plus interest of $600 Issued invoice No. 1080 for sale on account to Molina, $1,200. Cost of the sale was $550. 2 Received 5792 cash from Gardner, in settlement of their account receivable, net of discount, 31 Sold inventory on account to Saecho, issuing invoice No. 1081 for $2,000. Cost of the sale Received $3,005 from Langston, in full settlement of its account receivable. (The discount Issued invoice No. 1082 to Langston for sale of $950. Cost of the sale was $390. 129 Sold goods on credit to Saecho, issuing invoice No. 1083 for $630. Cost of the sale was 5280 312 issued credit in the amount of $1,325 for inventory that Saecho returned because it had spoiled during shipment. The goods were discarded. Selected accounts from the general ledger of Konfection show the following balances at April 1: Acct. Acct. No. Account Title Balance No. Account Title Balance 12 Cash 55,662 400 Sales Revenues 20 Accounts Receivable 10.110 410 Sales Discount 25 Inventory 23,685 420 Sales Returns and Allowances 30 Supplies 872 501 Cost of Goods Sold 40 Bills Receivable 10,000 601 Interest Revenue Konfection accounts receivable ledger includes the following accounts and balances at April 1: Account Title Balance Langston $ 3,005 Gardner 1,080 Saecho 4,725 Molina 910 Le 390 $10,110 General Ledger Cul Date Ref Debit Credit 1 Balance Accounts Receivable Date Rel Debit Credit 20 Balance You should be posting the totale of the columns from the sales & Cast Recepts Journal, Not the Individual entries Inventory Date Rel Debit Credit 25 Balace Supplies Date Ref. Debit Credit 30 Balance Notes Receivable Date Ref Debit Credit 40 Balance Sales Returns and Allowances Date Ref Debit Credit 420 Balance Sales Revenge Date Ref. Debit Credit 400 Balance Cost of Goods Sold 301 Date Ref Debit Credit Balance Sales Discount Date Ref Debit Credit 410 Balance Interest Revenue Date Debit Rei Credit 601 BARCE SALES JOURNAL Date Account Debited Invoice Post No. Ref. Debit A/R Credit Sales Page 9 Debit COGS Credit Inventory CASH RECEIPTS JOURNAL Page 18 DEBIT Sales Discount Date CREDIT Other Accounts Account Post Title Ref. Accounts Receivable Cash Amount GENERAL JOURNAL Page 2 Date Accounts and Explanation PR Debit Credit SALES JOURNAL Date Account Debited Invoice Post No. Ref Debit A/R Credit Sales Page 9 Debit CGS Credit Inventory CASH RECEIPTS JOURNAL DEBIT Date CREDIT Other Accounts Account Post Title Rer Sales Discount Cash Accounts Receivable Amount GENERAL JOURNAL Date Accounts and Explanation PR Debit Page 2 1 Credit Requirement 4 Schedule of Accounts Receivable Customer Balance Note the total should egne the Balance in Accents Receivable in the General Journal