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Feb. 2 4 Selected transactions follow for Pembina Sports Ltd. during the company's first month of business. The company expects a return rate of 8%
Feb. 2 4 Selected transactions follow for Pembina Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system. Sold $1,146 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Pembina $765. Andrew Noren returned for credit $140 of the merchandise purchased on February 2. The goods had cost Pembina $84 and they were returned to inventory. Sold $753 of merchandise to Dong Corporation on account, terms n/30. The goods had cost Pembina $495. Sold $838 of merchandise to Michael Collins for cash. The goods had cost Pembina $618. Sold $922 of merchandise to Rafik Kurji account, terms n/30. The goods had cost Pembina $674. Dong Corporation paid its account in full. Andrew Noren purchased an additional $698 of merchandise on account, terms n/30. The goods had cost Pembina $410. Sold $1,748 of merchandise to Batstone Corporation, terms n/30. The goods had cost Pembina $1,113. Andrew Noren paid $1,006 on account. 5 8 10 22 24 27 28 Set up T accounts for the Accounts Receivable general ledger (control account and for the Accounts Receivable subsidiary ledger accounts. Post the journal entries to these accounts. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Subsidiary Ledger Andrew Noren Feb. 2 1,146 Feb. 4 140 Feb 24 698 Feb. 28 Bal. 1006 Dong Corporation Feb. 5 753 Feb. 22 753 Batstone Corporation Feb. 27 1.748 Rafik Kurji 922 Feb. 10 General Ledger Control Account Accounts Receivable
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