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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Following are the selected transactions of ABC Furnishing Co. for the month of May 2002: May 02: Sold merchandise to RY & Co. Invoice # 99 52,200 May 04: Sold merchandise to Gulab and Sons Invoice # 100 59,040 May 08: Sold merchandise to Faqeer & Co. Invoice # 105 63,000 May 11: Merchandise returned from RY & Co. Credit # 77 4,320 May 14: Sold merchandise to JD & Sons Invoice # 106 56,700 May 14: Sold merchandise to Kashif Azeem Invoice # 112 55,980 May 16: Received merchandise from Faqeer & Co. Credit # 78 4,500 May 19: Merchandise returned from JD & Sons Credit # 79 360 May 21: Merchandise returned from Kashif Azeem Credit # 80 1,080 May 22: Merchandise consigned to Pasha Brothers Invoice # 126 23,760 May 25: Sold merchandise to Gulab & Sons Invoice # 145 11,520 May 26: Merchandise returned from Pasha Brothers Credit # 81 360 May 29: Merchandise consigned to Pasha Brothers Invoice # 165 15,840 May 29: Sold Merchandise to Faqeer & Co. Invoice # 166 16,920 Required: Prepare the following: o Sales journal o Sales return and allowance journal o Accounts receivable subsidiary ledger o Accounts receivable schedule
Transcribed Image Text:Following are the selected transactions of ABC Furnishing Co. for the month of May 2002: May 02: Sold merchandise to RY & Co. Invoice # 99 52,200 May 04: Sold merchandise to Gulab and Sons Invoice # 100 59,040 May 08: Sold merchandise to Faqeer & Co. Invoice # 105 63,000 May 11: Merchandise returned from RY & Co. Credit # 77 4,320 May 14: Sold merchandise to JD & Sons Invoice # 106 56,700 May 14: Sold merchandise to Kashif Azeem Invoice # 112 55,980 May 16: Received merchandise from Faqeer & Co. Credit # 78 4,500 May 19: Merchandise returned from JD & Sons Credit # 79 360 May 21: Merchandise returned from Kashif Azeem Credit # 80 1,080 May 22: Merchandise consigned to Pasha Brothers Invoice # 126 23,760 May 25: Sold merchandise to Gulab & Sons Invoice # 145 11,520 May 26: Merchandise returned from Pasha Brothers Credit # 81 360 May 29: Merchandise consigned to Pasha Brothers Invoice # 165 15,840 May 29: Sold Merchandise to Faqeer & Co. Invoice # 166 16,920 Required: Prepare the following: o Sales journal o Sales return and allowance journal o Accounts receivable subsidiary ledger o Accounts receivable schedule
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