At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $13,998. Date Account Debited Invoice Number PR Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. May 6 Aaron Reckers 190     4,160     3,162   10 Sara Reed 191     3,220     2,657   17 Anna Page 192     1,433     843   25 Sara Reed 193     573     337   31 Totals       9,386     6,999   Mountain View also recorded the return of defective merchandise with the following entry. Date.          General Journal                 Debit.                                   Credit May 20.      Sales Returns and Allowances.  425(debit)                      Accounts Receivable—Anna Page                     425 (credit)                   Customer returned (worthless) merchandise.   3. Prepare a schedule of accounts receivable.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $13,998.

Date Account
Debited
Invoice Number PR Accounts Receivable Dr.
Sales Cr.
Cost of Goods Sold Dr.
Inventory Cr.
May 6 Aaron Reckers 190     4,160     3,162  
10 Sara Reed 191     3,220     2,657  
17 Anna Page 192     1,433     843  
25 Sara Reed 193     573     337  
31 Totals       9,386     6,999  

Mountain View also recorded the return of defective merchandise with the following entry.

Date.          General Journal                 Debit.                                   Credit

May 20.      Sales Returns and Allowances.  425(debit)

                     Accounts Receivable—Anna Page                     425 (credit)

                  Customer returned (worthless) merchandise.  

3. Prepare a schedule of accounts receivable.

Prepare a schedule of accounts receivable.
MOUNTAIN VIEW
Schedule of Accounts Receivable
May 31
Anna Page
Sara Reed
Aaron Reckers
Total accounts receivable
%24
Transcribed Image Text:Prepare a schedule of accounts receivable. MOUNTAIN VIEW Schedule of Accounts Receivable May 31 Anna Page Sara Reed Aaron Reckers Total accounts receivable %24
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