Question

sela 9A-1. n) L01,2 Kate Collins has opened Fontina and Stuff, a wholesale grocery and cheese company. The following transactions occurred in February accounts receivable $4.490 2017 Feb. 1 Sold grocery merchandise to Fran Co, on account, $850, invoice no. 1. The cost of The cost of the merchandise was $640. 4 Sold cheese merchandise to Groom Co. on account, $1,100, invoice no. 2. The cost of the merchandise was $825. 8 Sold grocery merchandise to Dutch Co. on account, $1,100, invoice no. 3. The cost of the merchandise was $750. 10 Issued credit memorandum no. 1 to Fran Co. for $160 of grocery merchandise returned due to spoilage. The cost of the merchandise was $90. 15 Sold cheese merchandise to Groom Co, on account, $250, invoice no. 4. The cost of the merchandise was $180. 19 Sold grocery merchandise to Dutch Co. on account, $650, invoice no. 5. The cost of the merchandise was $475. 25 Sold cheese merchandise to Fran Co. on account, $700, invoice no. 6. The cost of the merchandise was $550. Required 1. Journalize the transactions. Beginning balances of Merchandise Inventory is $5,000 for grocery merchandise and $7,000 for cheese. 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 February

Answer 1

Journal Entries Date Account Title and Explaination Post. Ref. Debit (S) Credit (S) Feb.1 850.00 Accounts Receivable Sales Revenue - Grocery (To record Sales on account) 850.00 640.00 Cost of Goods Sold Merchandise Inventory - Grocery (To record Cost of Goods Sold) 640.00 Feb.4 $ 1,100.00 Accounts Receivable Sales Revenue - Cheese (To record Sales on account) $ 1,100.00 825.00 Cost of Goods Sold Merchandise Inventory - Cheese (To record Cost of Goods Sold) 825.00

Feb.8 $ 1,100.00 Accounts Receivable Sales Revenue - Grocery (To record sales on account) $ 1,100.00 750.00 Cost of Goods Sold Merchandise Inventory - Grocery (To record cost of goods sold) $ 750.00 Feb.10 160.00 Sales returns and allowance - grocery Accounts Receivable (To record sales returns of grocery) 160.00 $ 90.00 Merchandise Inventory - Grocery Cost of Goods Sold (To record reversal of cost of goods sold) 90.00

Feb.15 250.00 250.00 Accounts Receivable Sales Revenue - Cheese (To record Sales on account) Cost of Goods Sold Merchandise Inventory - Cheese (To record Cost of Goods Sold) 180.00 180.00 650.00 Feb.19 Accounts Receivable Sales Revenue - Grocery (To record Sales on account) 650.00 475.00 Cost of Goods Sold Merchandise Inventory - Grocery (To record Cost of Goods Sold) 475.00 Feb.25 $ 700.00 Accounts Receivable Sales Revenue - Cheese (To record sales on account) S 700.00 550.00 Cost of Goods Sold Merchandise Inventory - Cheese (To record Cost of Goods Sold) 550.00