Answered: At the end of May, the sales journal of…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7QY: The schedule of accounts payable lists each creditors account balance, and the total equals the...

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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.

2. Post the sales journal and any portion of the general journal entry that affects these accounts.

Post the sales journal and any portion of the general journal entry that affects these accounts.
GENERAL LEDGER
Accounts Receivable
Date
Debit
Credit
Balance
Sales
Date
Debit
Credit
Balance

Sales Returns and Allowances
Date
Debit
Credit
Balance
Inventory
Date
Debit
Credit
Balance
Beginning Inventory
Cost of Goods Sold

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