The following transactions of Jack’s Auto Supply occurred in November (Balances as of November 1 are given for general ledger and accounts receivable ledger accounts: Danielson $1,100 Dr.; Wallace $250 Dr.; Whitnall $500; Accounts Receivable $1,850 Dr.; Sales Tax Payable $2,000 Cr. Be sure to enter these balances in your working papers before beginning.):201XNov. 1 Sold auto parts merchandise to R. Danielson on account, $600, invoice no. 30, plus 8% sales tax.5 Sold auto parts merchandise to J. Wallace on account, $900, invoice no. 31, plus 8% sales tax.8 Sold auto parts merchandise to Lance Whitnall on account, $9,000, invoice no. 32, plus 8% sales tax.10 Issued credit memorandum no. 12 to R. Danielson for $450 for defective auto parts merchandise returned from January 1 transaction. (Be careful to record the reduction in Sales Tax Payable as well.)12 Sold auto parts merchandise to J. Wallace on account, $450, invoice no. 33, plus 8% sales tax.Required1. Journalize the transactions.2. Record to the accounts receivable subsidiary ledger and post to the general ledger as appropriate.3. Prepare a schedule of accounts receivable for the end of November.View Solution:
The following transactions of Jack s Auto Supply occurred in November



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *