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Jacob Walters owns a medical supply store in Corner Brook, NL called Fitness Pros. NO TAXES ARE INVOLVED. Journalize the transactions in the appropriate journal
Jacob Walters owns a medical supply store in Corner Brook, NL called Fitness Pros. NO TAXES ARE INVOLVED. Journalize the transactions in the appropriate journal COGS is 70% of gross sales. Record in the accounts receivable ledger and post to the general ledger as needed. Total, rule and cross foot the journals. Prepare a schedule of accounts receivable for the end of the month. Here are the transactions: Fitness Pros 2022 May 1 Paul Bussey invested $10,000 in the business. 3 Sold $750 worth of products to Mary Ridge. Terms are 2/10, n/30. Sales invoice 210. 10 Sold 10 pairs of Steppers for $1,500 to Karen Kick. Terms are 2/10, n/30. Sales invoice 211. 10 Received cash from Mary Ridge in payment of May 3rd's transaction, sales invoice 210, less discount. 14 Collected cash sales, $2,400. 16 Issued credit memorandum No. 12 to Karen Kick for $300 of merchandise returned from the May 10th sale. 19 Received cash from Karen Kick in payment of May 10th's sales invoice No. 211. (Don't forget the credit memo and discount.) 28 Collected cash sales, $2,300
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