E6-2B. From the following transactions for Maggie Co., when appropriate, journalize, record, post, and prepare a schedule of accounts receivable. Use the same journal headings (all page 1) and chart of accounts that Art's Clothing used in the text (use Maggie G., Capital). You will have to set up your own accounts receivable subsidiary ledger and partial general ledger as needed. All sales terms are 2/10, n/30. 2023 June 2 Maggie G. invested $6,000 in the business. 3 Sold merchandise on account to Boston Co., invoice No. 218, $800. Cost of inventory was $600. 3 Sold merchandise on account to Wei Co., invoice No. 219, $1,200. Cost of inventory was $900. 6 Cash sale, $300. Cost of inventory was $225. 9 Issued credit memorandum No. 24 to Boston Co. for defective merchandise, $150. Cost of inventory was $112.50. 10 Received cheque from Boston Co. for invoice No. 218 less returns and discount. 16 Cash sale, $500. Cost of inventory was $375. Sold merchandise on account to Boston Co., invoice No. 220, $700. Cost of inventory was $525. 17 Journalizing, recording, and posting sales and cash receipts journal; schedule of accounts receivable

E6-2B. From the following transactions for Maggie Co., when appropriate, journalize, record, post, and prepare a schedule of accounts receivable. Use the same journal headings (all page 1) and chart of accounts that Art's Clothing used in the text (use Maggie G., Capital). You will have to set up your own accounts receivable subsidiary ledger and partial general ledger as needed. All sales terms are 2/10, n/30. 2023 June 2 Maggie G. invested $6,000 in the business. 3 Sold merchandise on account to Boston Co., invoice No. 218, $800. Cost of inventory was $600. 3 Sold merchandise on account to Wei Co., invoice No. 219, $1,200. Cost of inventory was $900. 6 Cash sale, $300. Cost of inventory was $225. 9 Issued credit memorandum No. 24 to Boston Co. for defective merchandise, $150. Cost of inventory was $112.50. 10 Received cheque from Boston Co. for invoice No. 218 less returns and discount. 16 Cash sale, $500. Cost of inventory was $375. Sold merchandise on account to Boston Co., invoice No. 220, $700. Cost of inventory was $525. 17 Journalizing, recording, and posting sales and cash receipts journal; schedule of accounts receivable

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 7SEA

See similar textbooks

Related questions

Q: Kitchen Equipment Company uses the allowance method to account for uncollectibles. On October 31, it…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: returns some merchandise that had been purchased on account (accounts receivable), NetSolutions will…

A: when ever the goods are sold and purchased different type of document that are issued by the buyer…

Q: Using the accounts listed below, record journal entries for the following transactions of Furniture…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: The debits and credits from two transactions are presented in the following customer account: NAME…

A: Explanation: On August 10th the Company collected cash amounting to $103 from Mobility Products Inc.…

Q: wo transactions were posted to the following creditor's account: NAME Windsurf, Inc. ADDRESS 343…

A: Creditors- Creditors refers to the firm or organization or individual person to whom the firm is…

Q: a. Record April transactions and related adjustment entries in a sales journal, a single-column…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Demonstrate, using practical example how to prepare accounts from the Sales day book and Sales…

A: The sales day book is a manually-maintained ledger in which is recorded the key detailed information…

Q: c. and d. Enter a credit balance of $38,400 as of September 1, 20Y4 in the Accounts Payable general…

A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…

Q: Which would be the correct posting of the General Journal Entry shown in Figure 3.03 M to the…

A: The correct answer would be Debit Supplies - Store $220; Credit Accounts Payable/Shoe Shack, $220

Q: Which of the following is the correct journal entry to record a sale to a customer on account?…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: The internal control questionnaire for purchases and accounts payable includes the following…

A: Internal control is very important for every business organisation. It helps in achievement of…

Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts…

A: The different types of Journals in Accounting are: Purchase Journal – It is used for recording…

Q: Using the accounts listed below, review the following transactions for April Anglers and record any…

A: Journal entry records the financial transaction in the accounting of an organization.

Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…

A: Perpetual Inventory System : (1) Unlike Periodic Inventory System, the Perpetual inventory system…

Q: Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the…

A: a. Sold merchandise for cash $17,830 , The cost of good sold was $10,700. Date Account Titles…

Q: Two transactions were posted to the following creditor's account: NAME Windsurf, Inc.ADDRESS 343…

A: In a ledger balance of a creditor, if any amount is posted on the debit side, generally it pertains…

Q: The debits and credits from two transactions are presented in the following creditor's (supplier's)…

A: Posting of transactions: The process of transferring the journalized transactions into the accounts…

Q: The debits and credits from two transactions are presented in the following customer account: NAME…

A: Accounts receivable subsidiary ledger: Account receivable subsidiary ledger is the ledger which is…

Q: I. TOPIC: ACCOUNTING BOOKS-Journal and Ledgers III. Direction: A. Classify the transactions in the…

A: The special journals are maintained to keep the record of specific transactions.

Q: QUESTION 2 Study the following transactions that occurred during August 2022 for Renwick & Co. Aug 2…

A: Journal entry: It implies to the recording of financial transactions of the company on day-to-day…

Concept explainers

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.

Question

E6-2B. From the following transactions for Maggie Co., when appropriate, journalize,
record, post, and prepare a schedule of accounts receivable. Use the same journal
headings (all page 1) and chart of accounts that Art's Clothing used in the text (use
Maggie G., Capital). You will have to set up your own accounts receivable subsidiary
ledger and partial general ledger as needed. All sales terms are 2/10, n/30.
2023
June
2 Maggie G. invested $6,000 in the business.
3 Sold merchandise on account to Boston Co., invoice No. 218,
$800. Cost of inventory was $600.
3 Sold merchandise on account to Wei Co., invoice No. 219,
$1,200. Cost of inventory was $900.
6 Cash sale, $300. Cost of inventory was $225.
9 Issued credit memorandum No. 24 to Boston Co. for defective
merchandise, $150. Cost of inventory was $112.50.
10 Received cheque from Boston Co. for invoice No. 218 less
returns and discount.
16 Cash sale, $500. Cost of inventory was $375.
17 Sold merchandise on account to Boston Co., invoice No. 220,
$700. Cost of inventory was $525.
Journalizing, recording, and posting sales and cash receipts
journal; schedule of accounts receivable

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Explanation -

VIEW

Solution -

VIEW

Step by step

Solved in 2 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. SALES JOURNAL Page: 79 Date Account InvoiceNo. Ref. DR Accts.ReceivableCR Sales DR COGSCR MerchandiseInventory 2019 Feb. 4 Evert Company 17433 E123 2,000.00 Feb. 8 King Inc. 17434 K331 775.30 Feb. 14 Martina Inc. 17435 M132 2,301.99 Feb. 16 Shriver Company 17436 S101 700.00 Total fill in the blank 1 CASH RECEIPTS JOURNAL Page: 102 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, or OtherAccounts CR 2019 Feb. 1 Cash Sales 475.00 475.00 Feb. 5 Payment from Evert Co. 17433 1,960.00 40.00 2,000.00 Feb. 15 Bank loan 230 1,500.00 1,500.00 Feb. 21 Payment from…
PA4. Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.
I've included the answer to part three, so you should be able to fill in the general ledger this time.
JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.
A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
Maddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?
You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
Indicate the journal in which each of the following transactions should be recorded. Assume a three-column purchases journal.
Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required:
The shorthand notation on an invoice 2/10, n/30 is called the _______________. Group of answer choices accounts payable debit memo credit terms purchase order
determine the correct amount of the end-of-month posting the sales journal to the Account Receivable control account. Amount of the end-of-month posting from the sales journal to the Account Receivable $ Pharoah Products uses both special journals and a general journal. Pharoah also posts customers accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 290 215 195 Truong Bal. 300 300 Gehrke Bal. 215 215 340 Weiser Bal. 170 170 150
Oriole Products uses both special journals and a general journal. Oriole also posts customers' accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 305 245 Truong 0 Bal. 225 Gehrke Bal. 275 170 Weiser Bal. 155 310 160 230 225 275 155 Determine the correct amount of the end-of-month posting from the sales journal to the Accounts Receivable control account.