Game Shop Toy Company sells toys and games to retail stores. The firm offers a trade discount of 40 percent on toys and 30 percent on games. Its credit sales and sales returns and allowances transactions for August 201 are shown below. The general ledger accounts used to record these transactions are listed below. The balance shown for Accounts Receivable is as of the beginning of August. All customers have n/45 credit terms. GENERAL LEDGER ACCOUNTS 111 Accounts Receivable, $79,410 Debit 491 Sales 451 Sales Returas and Allowances DATE TRENSACTIONS August 1 Sold toys to Boston Departaent Store; issued Invoice 19e1, which shows a list price of sze, eee and a trade discount of 40 percent. August 5 Sold games to Reader's Bookstores; issued Invoice 1002, which shows a 11 st price of $21,25e and a trade discount of 30 percent. August 9 Sold ganes to Sixth Sense Gabe Center; issued Invoice 10e3, which shows a list price of s8, eee and a trade discount of 39 percent. August 14 Sold toys to Little Annie's toy Store; issued Invoice 16e4, which shows a 11 st price of s26, 400 and a trade discount of 40 August 18 piccepted a return of certain games shipped to sixth sense Gane Center because they were danaged in transit; issued Credit Memo 151 for $2,600. The ganes were or iginally sold on August 9 , Invoice 1093 . August 22 Sold toys to The Gane Store; issued Invoice 16e5, wilch shows a ist peice of $16,200 and a trade discount of 40 percent. August 26 Sold games to boston Department 5tore; issued Itovice 1006, which show a 1 ist price of 521,500 and a trade discount of 30 percent. August 30 Sold toys to Magical Toys; issued Involce 1007 , which shows a list price of $23,100 and a trade discount of 40 percent. 1. Open the general ledger accounts and enter the balance of Accounts Receivoble for August 1. 2 Set up an accounts receivable subsidiary ledger. Open an account for each of the credit customers listed above and enter the balances as of August 1 . Enter n/45 in the blank space after "Terms." This means each customer has 45 days to pay for the merchandise it purchased. 3. Record the transactions in a sales journal and in a general journal. 4. Post the individual entries from the sales joumal and the general journal. 5. Total the sales journal as of August 31. 6. Post the column total from the sales journal to the proper general ledger accounts: 7. Prepare the heading and the Revenue section of the firm's income statement for the month ended August 31. 8. Prepare a schedule of accounts receivable for August 31 9. Check the total of the schedule of accounts receivable against the balance of the Accounts Receivable account in the general ledger. The two amounts should be equal. Analyze: Anolyze: Would net sales increase, decrease, or remain the same if the company offers a series of trade discounts on toys (25 percent, 15 percent) instead of a single 40 percent discount? Complete this question by entering your answers in the tabs below. Prepare a sales joumal to record the above transactions. Journal entry worksheet Record the first entry required in the general journal. Note: Enter debits before credits. ical Thinking i Saved Help Sove \& GENERAL LEDGER \begin{tabular}{|c|c|c|c|} \hline \multicolumn{3}{|c|}{ ACCOUNTS REC } \\ \hline \multicolumn{2}{|c|}{ Boston Department Store } & Terms: n/45 \\ \hline Date & Debit & Credit & Balance \\ \hline August 1, 20X1 & & & 29,900 \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Prepare the Revenue section of the firm's income statement for the month ended August 31. Complete this question by entering your answers in the tabs below. Prepare a schedule of accounts receivable for August 31. Complete this question by entering your answers in the tabs below. Would net sales increase, decrease, or remain the same if the company offers a series of trade discounts on toys ( 25 percent, 15 percent) instead of a single 40 percent discount? Game Shop Toy Company sells toys and games to retail stores. The firm offers a trade discount of 40 percent on toys and 30 percent on games. Its credit sales and sales returns and allowances transactions for August 201 are shown below. The general ledger accounts used to record these transactions are listed below. The balance shown for Accounts Receivable is as of the beginning of August. All customers have n/45 credit terms. GENERAL LEDGER ACCOUNTS 111 Accounts Receivable, $79,410 Debit 491 Sales 451 Sales Returas and Allowances DATE TRENSACTIONS August 1 Sold toys to Boston Departaent Store; issued Invoice 19e1, which shows a list price of sze, eee and a trade discount of 40 percent. August 5 Sold games to Reader's Bookstores; issued Invoice 1002, which shows a 11 st price of $21,25e and a trade discount of 30 percent. August 9 Sold ganes to Sixth Sense Gabe Center; issued Invoice 10e3, which shows a list price of s8, eee and a trade discount of 39 percent. August 14 Sold toys to Little Annie's toy Store; issued Invoice 16e4, which shows a 11 st price of s26, 400 and a trade discount of 40 August 18 piccepted a return of certain games shipped to sixth sense Gane Center because they were danaged in transit; issued Credit Memo 151 for $2,600. The ganes were or iginally sold on August 9 , Invoice 1093 . August 22 Sold toys to The Gane Store; issued Invoice 16e5, wilch shows a ist peice of $16,200 and a trade discount of 40 percent. August 26 Sold games to boston Department 5tore; issued Itovice 1006, which show a 1 ist price of 521,500 and a trade discount of 30 percent. August 30 Sold toys to Magical Toys; issued Involce 1007 , which shows a list price of $23,100 and a trade discount of 40 percent. 1. Open the general ledger accounts and enter the balance of Accounts Receivoble for August 1. 2 Set up an accounts receivable subsidiary ledger. Open an account for each of the credit customers listed above and enter the balances as of August 1 . Enter n/45 in the blank space after "Terms." This means each customer has 45 days to pay for the merchandise it purchased. 3. Record the transactions in a sales journal and in a general journal. 4. Post the individual entries from the sales joumal and the general journal. 5. Total the sales journal as of August 31. 6. Post the column total from the sales journal to the proper general ledger accounts: 7. Prepare the heading and the Revenue section of the firm's income statement for the month ended August 31. 8. Prepare a schedule of accounts receivable for August 31 9. Check the total of the schedule of accounts receivable against the balance of the Accounts Receivable account in the general ledger. The two amounts should be equal. Analyze: Anolyze: Would net sales increase, decrease, or remain the same if the company offers a series of trade discounts on toys (25 percent, 15 percent) instead of a single 40 percent discount? Complete this question by entering your answers in the tabs below. Prepare a sales joumal to record the above transactions. Journal entry worksheet Record the first entry required in the general journal. Note: Enter debits before credits. ical Thinking i Saved Help Sove \& GENERAL LEDGER \begin{tabular}{|c|c|c|c|} \hline \multicolumn{3}{|c|}{ ACCOUNTS REC } \\ \hline \multicolumn{2}{|c|}{ Boston Department Store } & Terms: n/45 \\ \hline Date & Debit & Credit & Balance \\ \hline August 1, 20X1 & & & 29,900 \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Prepare the Revenue section of the firm's income statement for the month ended August 31. Complete this question by entering your answers in the tabs below. Prepare a schedule of accounts receivable for August 31. Complete this question by entering your answers in the tabs below. Would net sales increase, decrease, or remain the same if the company offers a series of trade discounts on toys ( 25 percent, 15 percent) instead of a single 40 percent discount