Question
During April, Konfection had these transactions: 2/4Issued invoice No. 1079 to record credit sale to Gardner, $811. Cost of the sale was $313. 18/4Sold inventory
During April, Konfection had these transactions:
2/4Issued invoice No. 1079 to record credit sale to Gardner, $811. Cost of the sale was $313.
18/4Sold inventory on account to Saecho, issuing invoice No. 1081 for $458. Cost of the sale was $212.
28/4Issued invoice No. 1082 to Langston for sale of $750. Cost of the sale was $590.
Selected accounts from the general ledger of Konfection show the following balances at April 1:
Acct.
No.
Account Title
Balance
Acct.
No.
Account Title
Balance
12
Cash
$5,662
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
Below is the Sales Journal recorded:
SALES JOURNAL
Page 9
Date
Account Debited
Invoice No.
Post
Ref.
Debit A/R
Credit Sales
Debit COGS
Credit Inventory
2/4
Gardner
1079
811
313
18/4
Saecho
1081
458
212
28/4
Langston
1082
750
590
2019
1115
(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
750
3755
Gardner
Date
Ref.
Debit
Credit
Balance
1/4
1,080
2/4
S 9
811
1891
Saecho
Date
Ref.
Debit
Credit
Balance
1/4
4,725
18/4
S 9
458
5183
Below are the four general ledgers:
Accounts Receivable20
Date
Ref.
Debit
Credit
Balance
1/4
10,110
30/4
S 9
XXX
yyy
Sales Revenue400
Date
Ref.
Debit
Credit
Balance
1/4
0
30/4
S 9
2019
2019
Cost of Goods Sold501
Date
Ref.
Debit
Credit
Balance
1/4
0
30/4
S 9
1115
1115
Inventory25
Date
Ref.
Debit
Credit
Balance
1/4
23,685
30/4
S 9
1115
24800
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:
Answer:
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Managerial Accounting
Authors: James Jiambalvo
3rd Edition
0470038152, 978-0470038154
