Recording sales transactions, posting to the accounts receivable ledger, and preparing a schedule of accounts receivable.
Special Occasions Flower Shop is a wholesale shop that sells flowers, plants, and plant supplies. The transactions shown below took place during January.
DATE | TRANSACTIONS |
Jan. 3 | Sold a floral arrangement to Thomas Florist; issued Invoice 1081 for $500. |
8 | Sold potted plants to Carter Garden Supply; issued Invoice 1082 for $775. |
9 | Sold floral arrangements to Thomasville Flower Shop; issued Invoice 1083 for $462. |
10 | Sold corsages to Moore’s Flower Shop; issued Invoice 1084 for $530. |
15 | Gave Thomasville Flower Shop an allowance because of withered blossoms discovered in one of the floral arrangements sold on Invoice 1083 on January 9; issued Credit Memorandum 101 for $50. |
20 | Sold table arrangements to Cedar Hill Floral Shop; issued Invoice 1085 for $480. |
22 | Sold plants to Applegate Nursery; issued Invoice 1086 for $680. |
25 | Sold roses to Moore’s Flower Shop; issued Invoice 1087 for $427. |
27 | Sold several floral arrangements to Thomas Florist; issued Invoice 1088 for $925. |
31 | Gave Thomas Florist an allowance because of withered blossoms discovered in one of the floral arrangements sold on Invoice 1088 on January 27; issued Credit Memorandum 102 for $150. |
INSTRUCTIONS
1. Record the transactions in the proper journal. Use 7 as the page number for the sales journal and 11 as the page number for the general journal.
2. Immediately after recording each transaction, post to the accounts receivable ledger.
3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month.
4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable control account with the total of the schedule.
Analyze: Damaged goods decreased the net sales by what dollar amount? By what percentage amount?
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