8. C. Walton sold inventory on 1 August to M. Jones for $990 (including $90 GST). On 20 August, Jones paid Walton in full settlement. On 31 August, the bank advised the cheque from Jones had been dishonoured. Required: a. Record Jones's receipt of the cheque, and its dishonour, in the General Journal. General Journal of C Walton Date Particulars Debit Credit b. Show Jones's account in the ledger to 31 August. Accounts Receivable – M Jones Debit Date Details Folio Credit Balance
8. C. Walton sold inventory on 1 August to M. Jones for $990 (including $90 GST). On 20 August, Jones paid Walton in full settlement. On 31 August, the bank advised the cheque from Jones had been dishonoured. Required: a. Record Jones's receipt of the cheque, and its dishonour, in the General Journal. General Journal of C Walton Date Particulars Debit Credit b. Show Jones's account in the ledger to 31 August. Accounts Receivable – M Jones Debit Date Details Folio Credit Balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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