Returns and Allowances Assignment | Top Universities
Required: 1. Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account.
2. Post the sales journal and any portion of the general journal entry that affects these accounts. 3. Prepare a schedule of accounts receivable.
At the end of May, the sales journal of Mountain View appears as follows.
Assume beginning inventory balance for May to be $16,534 Cost of Goods Sold Dr. Invoice Accounts Receivable Dr. Account Date PR. Debited Number Sales Cr. Inventory Cr. May 6 Aaron Reckers 190 4,810 3,870 1,722 3,656 3,193 1,013 10 Sara Reed 191 17 Anna Page Sara Reed 192 193 689 405 25 Totals 8,267 31 11,091 Mountain View also recorded an allowance (price reduction) given to Anna Page with the following entry. Credit General Journal A. Debit Date 450 May 20 Returns a nces Accounts Receivable-Anna Page Record allowance to customer. 450 Complete this question by entering your answers in the tabs below Required 2 Required 3 Required 1 Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Anna Page Date Debit Credit Balance Sara Reed Date Debit Credit Balance Aaron Reckers Date Debit Credit Balance Required 2 Post the sales journal and any portion of the general journal entry that affects these accounts GENERAL LEDGER Accounts Receivable Date Debit Credit Balance Sales Returns and Allowances Date Debit Credit Balance Inventory Credit Date Debit Balance Beginning Inventory Cost of Goods Sold Date Debit Credit Balance Prepare a schedule of accounts receivable. MOUNTAIN VIEW Schedule of Accounts Receivable May 31 Anna Page Sara Reed Aaron Reckers Total accounts receivable. Get Accounting Homework Help Today.