eral ledger as appropriate. sci nd post to the gen- are a schedule of accounts r
ID: 2530627 • Letter: E
Question
eral ledger as appropriate. sci nd post to the gen- are a schedule of accounts receivable for the end of June. Prep following transactions of Jack'sAuto Supply occurred in January ances as of January 1 are given for general ledger and accounts ???01.2.3 L012.3 ( receivable ledger accounts: Nonack, $1,400 Dr.; Seth :Accounts Receivable, $1,650 Dr.; Sales Tax Payable, $1,000 Cr. , $50 Dr.; Corner, $200 Dr.; 200 Dr. sure to enter these balances in your working papers before beginning. 201X January Sold auto parts merchandise to R. Nonack on account, $700, invoice no, 70, plus 2% sales tax. Sold auto parts merchandise to J. Seth on account, $600, invoice no. 71, plus 2% sales tax. Sold auto parts merchandise to Lance Corner on account, $11,000, invoice no. 72, plus 2% sales tax. Issued credit memorandum no. 12 to R. Nonack for $950 for defective auto parts merchandise returned from January 1 transaction. (Be careful to record the reduction in Sales Tax Payable as well.) Sold auto parts merchandise to J. Seth on account, $600, invoice no. 73, plus 2% sales tax. 1 5 Check Figure: Schedule of accounts receivable 8 10 12Explanation / Answer
Opening Balance Nonack 1,400.00 Seth 50.00 Corner 200.00 1,650.00 Schedule of Accounts Receivable Total Receivable 1,650.00 Invoice No. Date Customer Name Amount Balance Invoice No. 70, 1-Jan Nonack 714.00 2,364.00 Invoice No. 71 5-Jan Seth 612.00 2,976.00 Invoice No. 72 8-Jan Corner 11,220.00 14,196.00 Credit Note No. 12 10-Jan Nonack (950.00) 13,246.00 Invoice No. 73 12-Jan Seth 612.00 13,858.00 Customer Name Opening Balance Transaction Closing Balance Nonack 1,400.00 (236.00) 1,164.00 Seth 50.00 1,224.00 1,274.00 Corner 200.00 11,220.00 11,420.00 1,650.00 13,858.00
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