Question 1:

From the following transactions for Maggie Co., when appropriate, journalize, record, post, and prepare a schedule of accounts receivable. All sales terms are 2/10, n/30.

From the following transactions for Maggie Co., when appropriate, journalize, record, post, and prepare a schedule of accounts receivable. All sales terms are 2/10,n/30. 2023 June 2 Maggie G. invested $6,000 in the business. 3 Sold merchandise on account to Boston Co., invoice No. 218, $800. Cost of inventory was $600. 3 Sold merchandise on account to Wei Co., invoice No. 219, $1,200. Cost of inventory was $900. 6 Cash sale, \$300. Cost of inventory was \$225. 9 Issued credit memorandum No. 24 to Boston Co. for defective merchandise, $150. Cost of inventory was $112.50. 10 Received cheque from Boston Co. for invoice No. 218 less returns and discount. 16 Cash sale, $500. Cost of inventory was $375. 17 Sold merchandise on account to Boston Co., invoice No. 220, $700. Cost of inventory was $525