Question

Problems Liz Viera has opened Pizza and More, a wholesale grocery and pizza company The following transactions occurred in March: 12A-1 Sold grocery merchandise to Felicity Co. on account, $950, invoice no. 1. Sold pizza merchandise to Vow Co. on account, $500, invoice no. 2. 201X Mar. 1 4 Sold grocery merchandise to Spanish Co.on account, $1,200, invoice no. 3. Issued credit memorandum no. 1 to Felicity Co. for $240 of grocery merchandise returned due to spoilage. 8 10 Sold pizza merchandise to Vow Co. on account, $600, invoice no. 4. Sold grocery merchandise to Spanish Co.on account, $550, invoice no. 5. Sold pizza merchandise to Felicity Co. on account, $300, invoice no. 6. 15 19 25 Required 1. Journalize the transactions. 2. Record to the accounts receivable subsidiary ledger and post to the general led ger as appropriate. 3. Prepare a schedule of accounts receivable for the end of March.

Answer 1

1.

Journal Entries
March 31st,201*
Description	Debit	Credit
Account Receivable	950
Sales		950
Sale of Grocery to Felicity on credit invoice no.1
Account Receivable	500
Sales		500
Sale of Pizza to Vow co on credit invoice no.2
Account Receivable	1200
Sales		1200
Sale of Grocery to Spanish co on credit invoice no.3
Sales Returns	240
Account Receivable		240
Sales returns to Felicity credit memo no.1-Grocery
Account Receivable	600
Sales		600
Sale of Pizza to Vow co on credit invoice no.4
Account Receivable	550
Sales		550
Sale of grocery to Spanish co on credit invoice no.5
Account Receivable	300
Sales		300
Sale of Pizza to Felicity co on credit invoice no.6

2.

Accounts Receivable
Subsidary Ledger
March 31st,201*
Felicity
Date	Ref	Debit	Credit
201* March	1	950
201* March	Memo 1		240
201* March	6	300
Vow Co
Date	Ref	Debit	Credit
201* March	2	500
201* March	4	600
Spanish Co
Date	Ref	Debit	Credit
201* March	3	1200
201* March	5	550

General Ledger
March 31st,201*
Accounts Receivable
Date	Ref	Debit	Credit	Balance
Subsidary Ledger		4100	240	3860
	Debit =sum of debits of all customers
	Credit=Sum of credits of all customers

3.

Schedule of Account Receivable
March 31st	$
Felicity	1010
Vow Co	1100
Spanish Co	1750
	3860