Question

UUULUULLIULUI 7. 0 $50. The cost of Journalize the following transactions: a. Sold merchandise on account to Troy Co., invoice no. 10, $50. The the merchandise was $28. b. Received check from Brown Co., $300, less 3% discount. C. Cash sales, $104. The cost of merchandise was $59. d. Issued credit memorandum no. 2 to Troy Co. for defective merchandise in The cost of the merchandise was $11. From the following, prepare a schedule of accounts receivable for Lucky Co for May 31, 2018 8. General Ledger Accounts Receivable Dr. Cr. 5/31 GJ1 147 12 5/31 6J1 Accounts Receivable Subsidiary Ledger Jarad Co. Dr. Cr. 5/6 GJ1 104 Katz Co. Dr. Cr. 5/20 GJ1 33 125/27 GJ1 Turtle Co. Dr. Cr. 5/9 GJ1

Answer 1

First question is being answered here.

1. Required journal entries are:

Date	Description	Debit	Credit
a	Accounts receivable	50
	Cost of goods sold	28
	Sales revenue		50
	Inventory		28
	(for merchandise sold to Troy co. against invoice# 10)
b	Checking account or Bank	291
	Discount	9
	Accounts receivable		300
	(for check received from Brown co. less discount)
c	Cash	104
	Cost of goods sold	59
	Sales revenue		104
	Inventory		59
	(for recording cash sales)
d	Sales returns & allowances	18
	Inventory	11
	Accounts receivable		18
	Cost of goods sold		11
	(for sales returns from Troy co. against memorandum no.2)