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Show all work 1. Regenerate and demonstrate in your working paper the interrelationship of the accounts receivable, ledger, and schedule of accounts receivable of the
Show all work
1. Regenerate and demonstrate in your working paper the interrelationship of the accounts receivable, ledger, and schedule of accounts receivable of the following transactions: (433) Aug 1 - Blue Company purchase on account $3,000 Aug 4 - Green Company purchase on account $500 Aug 18- White Company purchase on account $457 Aug 21- Orange Company purchase on account $3,330 Aug 23- Black Company purchase on account $1,212 2. Purchase returns and allowances-generate an accounting equation and allocate the following transactions to the corresponding accounts. Ensure your equation is very neat and clear: (437) a. On June 2, bought merchandise on account from the Blue Company $2,010 b. On June 8, your company returned some merchandise and received credit for it from the Blue Company $620 3. Sales discount- allocate the following transactions into the correct part of the accounting equation and their correct T account (use your working paper): (499) a. Brown Company sold merchandise on account to Black Company $32,456 b. Black Company returned $10,121 worth of merchandise (account was credited) c. Brown Company received a check from Black Company less the returns with an 8% discount of 15/30 (you will have to do the math). 4. Purchase discount- allocate the following transactions into the correct part of the accounting equation and their correct t account (use working paper) (505) a. On July 9, company White bought merchandise on account from Lois Cop, for $1,500; terms 3/10, n/30; dated June 10. FOB Kansas, freight prepaid and added to the invoice for $80. (Total $1,580). b. On July 12, issued a check no. 200 to Lois Cop, less cash discount (figure out discount)Step by Step Solution
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