Sales journal and accounts receivable subsidiary ledger LO5 LO6
Acorn Industries completes the following transactions during July, its first month of operations (the terms of all its credit sales are 2/10, n/30). A tax rate of 10% applies to all sales.
July 5 Sold merchandise on credit to Kim Nettle, Invoice No. 918, for $19,200.
6 Sold merchandise on credit to Ruth Blake, Invoice No. 919, for $7,500.
13 Sold merchandise on credit to Ashton Moore, Invoice No. 920, for $8,550.
14 Sold merchandise on credit to Kim Nettle, Invoice No. 921, for $5,100.
29 Sold merchandise on credit to Ruth Blake, Invoice No. 922, for $17,500.
30 Sold merchandise on credit to Ashton Moore, Invoice No. 923, for $16,820.
Required
1. Prepare a sales journal like that in Exhibit 11.6. Number the sales journal as page 3.
2. Open the following general ledger accounts: Accounts Receivable (#106), Sales Tax Payable (#205), and Sales (#400). Also open accounts receivable subsidiary ledger accounts for Kim Nettle, Ashton Moore, and Ruth Blake. Post the transactions to the subsidiary ledger accounts. Prepare the month-end postings to the general ledger accounts.
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