At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $7,398. Date May 6 May 10 May 17 May 25 May 31 Account Debited Aaron Reckers Sara Reed Anna Page Sara Reed Totals Date May 20 Sales Journal Invoice Number PR 190 191 192 193 Accounts Receivable Debit Sales Credit 2,470 1,530 681 272 4,953 Page 2 Cost of Goods Sold Debit Inventory Credit Mountain View also recorded an allowance (price reduction) given to Anna Page with the following entry. General Journal Sales Returns and Allowances Accounts Receivable-Anna Page Record allowance to customer. 1,877 1,262 400 160 3,699 Debit Credit 200 200 Required: 1. Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account. 2. Post the sales journal and any portion of the general journal entry that affects these accounts. unts
At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $7,398. Date May 6 May 10 May 17 May 25 May 31 Account Debited Aaron Reckers Sara Reed Anna Page Sara Reed Totals Date May 20 Sales Journal Invoice Number PR 190 191 192 193 Accounts Receivable Debit Sales Credit 2,470 1,530 681 272 4,953 Page 2 Cost of Goods Sold Debit Inventory Credit Mountain View also recorded an allowance (price reduction) given to Anna Page with the following entry. General Journal Sales Returns and Allowances Accounts Receivable-Anna Page Record allowance to customer. 1,877 1,262 400 160 3,699 Debit Credit 200 200 Required: 1. Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account. 2. Post the sales journal and any portion of the general journal entry that affects these accounts. unts
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section11.2: Recording Sales Transactions Using A General Journal
Problem 1WT
Related questions
Question
![Exercise 7-12 (Algo) Posting to subsidiary
ledger accounts; preparing a schedule of
accounts receivable LO P1
At the end of May, the sales journal of
Mountain View appears as follows. Assume
beginning inventory balance for May to be
$7,398.
Date:
May 6
May 10
May 17
May 25
May 31
Account Debited
Aaron Reckers
Sara Reed
Anna Page.
Sara Reed
Totals
Date
May 20
Sales Journal
Invoice
Number PR
190
191
192
193
Accounts
Receivable Debit
Sales Credit
2,470
1,530
681
272
4,953
General Journal
Sales Returns and Allowances
Accounts Receivable-Anna Page
Record allowance to customer.
Page 2
Cost of Goods
Sold Debit
Inventory Credit
1,877
1,262
Mountain View also recorded an allowance
(price reduction) given to Anna Page with the
following entry.
400
160
3,699
Debit
200
Credit
200
Required:
1. Post to the customer accounts the entries in
the sales journal and any portion of the
general journal entry that affects a customer's
account.
2. Post the sales journal and any portion of the
general journal entry that affects these
accounts.
3a. Prepare a schedule of accounts
receivable.
3b. Prove (confirm) that its total equals the
balance in the accounts receivable controlling
account.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff97de970-42c9-4f0f-85f6-0a4a37bc8afa%2F1fedb342-cf90-4803-8b39-7d9f6e8ae141%2F98kci3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 7-12 (Algo) Posting to subsidiary
ledger accounts; preparing a schedule of
accounts receivable LO P1
At the end of May, the sales journal of
Mountain View appears as follows. Assume
beginning inventory balance for May to be
$7,398.
Date:
May 6
May 10
May 17
May 25
May 31
Account Debited
Aaron Reckers
Sara Reed
Anna Page.
Sara Reed
Totals
Date
May 20
Sales Journal
Invoice
Number PR
190
191
192
193
Accounts
Receivable Debit
Sales Credit
2,470
1,530
681
272
4,953
General Journal
Sales Returns and Allowances
Accounts Receivable-Anna Page
Record allowance to customer.
Page 2
Cost of Goods
Sold Debit
Inventory Credit
1,877
1,262
Mountain View also recorded an allowance
(price reduction) given to Anna Page with the
following entry.
400
160
3,699
Debit
200
Credit
200
Required:
1. Post to the customer accounts the entries in
the sales journal and any portion of the
general journal entry that affects a customer's
account.
2. Post the sales journal and any portion of the
general journal entry that affects these
accounts.
3a. Prepare a schedule of accounts
receivable.
3b. Prove (confirm) that its total equals the
balance in the accounts receivable controlling
account.
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