Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During April, Konfection had these transactions: 2/4 Issued invoice No. 1079 to record credit sale to Gardner, $670. Cost of the sale was $348. 18/4

image text in transcribedimage text in transcribedimage text in transcribed
During April, Konfection had these transactions: 2/4 Issued invoice No. 1079 to record credit sale to Gardner, $670. Cost of the sale was $348. 18/4 Sold inventory on account to Saecho, issuing invoice No. 1081 for $621. Cost of the sale was $212. 28/4 Issued invoice No. 1082 to Langston for sale of $669. Cost of the sale was $366. 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 $5,662 400 Sales Revenues - 20 Accounts 10,110 410 Sales Discount - Receivable 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 $10,1 10 Below is the Sales Journal recorded: SALES JOURNAL Page 9 Date Account Debited Invoice Post Debit A/R Debit COGS No Ref. Credit Sales Credit Inventory 2/4 Gardner 1079 670 348 18/4 Saecho 1081 621 212 28/4 Langston 1082 669 366 1960 926 (20) (400) (501) (25) Below are the three accounts receivable subsidiary ledgers: Langston |Date Ref. Debit Credit Balance 1/4 3,005 28/4 S. 9 669 3674 Gardner Date Ref. Debit Credit Balance 1/4 1,080 2/4 S 9 570 1750 Saecho Date Ref . Debit Credit Balance 1/4 4,725 18/4 S 9 621 5346Below are the four general ledgers: Accounts Receivable 20 Date Ref. Debit Credit Balance 1/4 10, 110 30/4 S 9 XXX yyy Sales Revenue 400 Date Ref. Debit Credit Balance 1/4 0 30/4 S 9 1960 1960 Cost of Goods Sold 501 Date Ref. Debit Credit Balance 1/4 30/4 S 9 926 926 Inventory 25 Date Ref. Debit Credit Balance 1/4 23,685 30/4 S 9 926 24611 Complete the above four general ledgers by filling in the unknown xxx and determine the amount of yyy. Enter yyy in the answer block below

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_2

Step: 3

blur-text-image_3

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

Excel Applications For Accounting Principles

Authors: Gaylord SmithBruce Walz

4th Edition

1133388027, 9781133388029

More Books

Students also viewed these Accounting questions