From the following transactions for Bailey Co., journalize, record, post, and prepare a schedule of accounts receivable when appropriate. The accounts receivable subsidiary ledger and partial general ledger have been set up for you. All sales terms are 4/10, 1/30. The balance in merchandise inventory on May 1 is $2,100. Assume the perpetual inventory system. (Click the icon to view the transactions.) More Info Post the transactions to the general ledger. Use transction dates as posting references. For purposes of this problem we will ign account. Calculate and enter an ending balance for the Accounts Receivable account only. Review the journal entries. Cash 111 Accounts Receivable 113 2018 May Merchandise Inventory 121 Beg. Bal. 2,100 1 Bailey Myles invested $3,400 in the business. 1 Sold merchandise on account to Cameron Co., invoice no. 1, $1,400. The cost of the merchandise was $560. 2 Sold merchandise on account to Wesley Co., invoice no. 2, $1,500. The cost of the merchandise was $900. 3 Cash sale, $240. The cost of the merchandise was $144. 8 Issued credit memorandum no. 1 to Cameron Co. for defective merchandise, $300. The cost of the merchandise was $180. 10 Received check from Cameron Co. for invoice no. 1, less returns and discount. 15 Cash sale, $480. The cost of the merchandise was $288. 18 Sold merchandise on account to Cameron Co., invoice no. 3, $1,100. The cost of the merchandise was $660. Bal Bal Bailey Myles, Capital 311 Sales 411 Sales Returns and Allowances 412 Print Done Choose from any list or enter any number in the input fields and then click Check Answer. From the following transactions for Bailey Co., journalize, record, post, and prepare a schedule of accounts receivable when appropriate. The accounts receivable subsidiary ledger and partial general ledger have been set up for you. All sales terms are 4/10, n/30. The balance in merchandise inventory on May 1 is $2,100. Assume the perpetual inventory system. (Click the icon to view the transactions.) More Info Bailey Myles, Capital 311 Sales 411 Sales Returns and Allowances 412 2018 May Sales Discounts 413 Cost of Goods Sold 510 1 Bailey Myles invested $3,400 in the business. 1 Sold merchandise on account to Cameron Co., invoice no. 1, $1,400. The cost of the merchandise was $560. 2 Sold merchandise on account to Wesley Co., invoice no. 2, $1,500. The cost of the merchandise was $900. 3 Cash sale, $240. The cost of the merchandise was $144. 8 Issued credit memorandum no. 1 to Cameron Co. for defective merchandise, $300. The cost of the merchandise was $180. 10 Received check from Cameron Co. for invoice no. 1, less returns and discount. 15 Cash sale. $480. The cost of the merchandise was $288. 18 Sold merchandise on account to Cameron Co., invoice no. 3, $1,100. The cost of the merchandise was $660. Print Done Choose from any list or enter any number in the input fields and then click Check
