Journalize the transactions. Beginning balances of Merchandise Inventory is $5,000 for grocery...

Question

Journalize the transactions. Beginning balances of Merchandise Inventory is $5,000 for grocery merchandise and $7,000 for cheese.Record to the accounts receivable subsidiary ledger and post to the general ledger as appropriate.Prepare a schedule of accounts receivable for the end of February.

Nitish Lath · Accepted Answer

Solution 1
Journal entry to record the transactions
	Date
	Particulars
	Amount ($)
	Amount ($)
	
	
	
	
	Feb 1
	Accounts receivable
	850
	
	
	    Sales
	
	850
	
	(To record sale invoice 1)
	
	
	
	
	
	
	
	Cost of goods sold
	640
	
	
	  Inventory
	
	640
	
	(To record cost of goods sold)
	
	
	
	
	
	
	Feb 4
	Accounts receivable
	1100
	
	
	    Sales
	
	1100
	
	(To record sale invoice 2)
	
	
	
	
	
	
	
	Cost of goods sold
	825
	
	
	  Inventory
	
	825
	
	(To record cost of goods sold)
	
	
	
	
	
	
	Feb 8
	Accounts receivable
	1100
	
	
	    Sales
	
	1100
	
	(To record sale invoice 3)
	
	
	
	
	
	
	
	Cost of goods sold
	750
	
	
	  Inventory
	
	750
	
	(To record cost of goods sold)
	
	
	
	
	
	
	Feb 10
	Sales return
	160
	
	
	 Accounts receivable
	
	160
	
	(To record sale return)
	
	
	
	
	
	
	
	Inventory
	90
	
	
	  Cost of goods sold
	
	90
	
	(To record cost of goods sold)
	
	
	
	
	
	
	Feb 15
	Accounts receivable
	250
	
	
	    Sales
	
	250
	
	(To record sale invoice 4)
	
	
	
	
	
	
	
	Cost of goods sold
	180
	
	
	  Inventory
	
	180
	
	(To record cost of goods sold)
	
	
	
	
	
	
	Feb 19
	Accounts receivable
	650
	
	
	    Sales
	
	650
	
	(To record sale invoice 5)
	
	
	
	
	
	
	
	Cost of goods sold
	475
	
	
	  Inventory
	
	475
	
	(To record cost of goods sold)
	
	
	
	
	
	
	Feb 25
	Accounts receivable
	700
	
	
	    Sales
	
	700
	
	(To record sale invoice 6)
	
	
	
	
	
	
	
	Cost of goods sold
	550
	
	
	  Inventory
	
	550
	
	(To record cost of goods sold)
	
	
Solution 2
Accounts receivable subsidiary ledger
Fran Company
	Date
	Reference
	Debit
	Credit
	Feb 1
	Invoice 1
	850
	
	Feb 10
	Memo 10
	
	160
	Feb 25
	Invoice 6
	700
	
Groom Company
	Date
	Reference
	Debit
	Credit
	Feb 4
	Invoice 2
	1100
	
	Feb 15
	Invoice 4
	250
	
Dutch Company
	Date
	Reference
	Debit
	Credit
	Feb 8
	Invoice 3
	1100
	
	Feb 19
	Invoice 5
	650
	
General Ledger : Accounts Receivable
	Date
	Reference
	Debit
	Credit
	Balance
	
	Subsidiary ledger
	4650
	160
	4490
Solution 3
Schedule of Accounts Receivable
	Particulars
	Amount ($)
	Fran Company
	1,390
	Groom Company
	1,350
	Dutch Company
	1,750
	Total
	$4,490

Journalize the transactions. Beginning balances of Merchandise Inventory is $5,000 for grocery merchandise and $7,000 for cheese.Record to the accounts receivable subsidiary ledger and post to the...

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