PRACTICE EXERCISE $4$

In the books of Fashion Frenzy of Ottawa, Ontario, record the sales transactions for the month of April.

$($a$)$ Set up a Sales Journal $($page SJ$1)$ with the following headings: Date, Name of Customer, Invoice No$,$ Terms, Folio, Accounts Receivable Dr$,$ Shoe Sales Cr$.,$ Handbag Sales Cr$.,$ Accessories Sales Cr$.,$ and I

$($b$)$ Open General Ledger accounts for Accounts Receivable Control, $110$; HST Payable, $221$; Sales$-$Accessories, $401$; Sales$-$Handbags, $402$; Sales$-$Shoes, $403.$

Also, open customers' accounts for A$/$R Beverley Anaka, $121$; A$/$R Kay Beaudry, $122$; A$/$R Angelica Cuevas, $123$; A$/$R Jane Fraser, $124.$

$($c$)$ Record the following entries in the Sales Journal. Sales invoices will be numbered consecutively, beginning with #$1.$ Add $13\%$ HST to all sales amounts sh

$8$ Sold to Beverley Anaka, shoes, $$49\mathrm{.}95,$ and a handbag, $$35\mathrm{.}75$; terms net $30$ days.

$10$ Sold shoes, $$64\mathrm{.}95,$ to Jane Fraser; terms net $30$ days.

$16$ Sold shoes, $$65\mathrm{.}00,$ to Jane Fraser; terms net $30$ days.

$19$ Credit sales: Angelica Cuevas, shoes, $$75\mathrm{.}50,$ terms net $30$ days; Beverley Anaka, handbag, $$35,$ and accessories, $$27\mathrm{.}50,$ terms net $30$ days.

$25$ Sold to Angelica Cuevas, shoes, $$61\mathrm{.}50,$ a handbag, $$46\mathrm{.}50,$ and accessories, $$37\mathrm{.}50$; terms net $30$ days.

$28$ Sold accessories, $$41\mathrm{.}25,$ to Kay Beaudry; terms net $10$ days.

$($d$)$ Total and rule the journal.

$($e$)$ Post the total of the Accounts Receivable column to the Accounts Receivable Control accout. Post the other totals accordingly.

$($f$)$ Prepare a trial balance with a schedule of the accounts receivable.