Problem 7.4A Recording sales transactions, posting to the accounts receivable ledger, and preparing a schedule of accounts receivable. The Problem is attached. Accounting for Sales and Accounts ReceivableRecording sales transactions, posting to the accounts receivable ledger,and preparing a schedule of accounts receivable.Bella Floral Designs is a wholesale shop that sells flowers, plants, and plant supplies. The transac-tions shown below took place during January. All customers have credit terms of n/30.DATEJan.38910152022252731TRANSACTIONSSold a floral arrangement to Thomas Florist; issued Invoice 1081 for $600.Sold potted plants to Carter Garden Supply; issued Invoice 1082 for $825.Sold floral arrangements to Thomasville Flower Shop; issued Invoice 1083 for $482.Sold corsages to Moore's Flower Shop; issued Invoice 1084 for $630.Gave Thomasville Flower Shop an allowance because of withered blossoms discoveredin one of the floral arrangements sold on Invoice 1083 on January 9; issued CreditMemorandum 101 for $60.Sold table arrangements to Cedar Hill Floral Shop; issued Invoice 1085 for $580.Sold plants to Applegate Nursery; issued Invoice 1086 for $780.Sold roses to Moore's Flower Shop; issued Invoice 1087 for $437.Sold several floral arrangements to Thomas Florist; issued Invoice 1088 for $975.Gave Thomas Florist an allowance because of withered blossoms discovered inone of the floral arrangements sold on Invoice 1088 on January 27; issued CreditMemorandum 102 for $200.INSTRUCTIONS1. Record the transactions in the proper journal. Use 7 as the page number for the sales journaland 11 as the page number for the general journal.2. Immediately after recording each transaction, post to the accounts receivable ledger.3. Post the amounts from the general journal daily. Post the sales journal amount as a total at theend of the month.4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivablecontrol account with the total of the schedule.Analyze: Damaged goods decreased sales by what dollar amount? By what percentage amount?

The account receivable ledger is a sub ledger in which is recorded all credit sales made by a…

INSTRUCTIONS 1. Record the transactions in the proper journal. Use 7 as the page number for the sales journal and 11 as the page number for the general journal. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable control account with the total of the schedule. Analyze: Damaged goods decreased sales by what dollar amount? By what percentage

INSTRUCTIONS 1. Record the transactions in the proper journal. Use 7 as the page number for the sales journal and 11 as the page number for the general journal. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable control account with the total of the schedule. Analyze: Damaged goods decreased sales by what dollar amount? By what percentage

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Problem 7.4A Recording sales transactions, posting to the accounts receivable ledger, and preparing a schedule of accounts receivable. The Problem is attached.

Accounting for Sales and Accounts Receivable
Recording sales transactions, posting to the accounts receivable ledger,
and preparing a schedule of accounts receivable.
Bella Floral Designs is a wholesale shop that sells flowers, plants, and plant supplies. The transac-
tions shown below took place during January. All customers have credit terms of n/30.
DATE
Jan.
3
8
9
10
15
20
22
25
27
31
TRANSACTIONS
Sold a floral arrangement to Thomas Florist; issued Invoice 1081 for $600.
Sold potted plants to Carter Garden Supply; issued Invoice 1082 for $825.
Sold floral arrangements to Thomasville Flower Shop; issued Invoice 1083 for $482.
Sold corsages to Moore's Flower Shop; issued Invoice 1084 for $630.
Gave Thomasville Flower Shop an allowance because of withered blossoms discovered
in one of the floral arrangements sold on Invoice 1083 on January 9; issued Credit
Memorandum 101 for $60.
Sold table arrangements to Cedar Hill Floral Shop; issued Invoice 1085 for $580.
Sold plants to Applegate Nursery; issued Invoice 1086 for $780.
Sold roses to Moore's Flower Shop; issued Invoice 1087 for $437.
Sold several floral arrangements to Thomas Florist; issued Invoice 1088 for $975.
Gave Thomas Florist an allowance because of withered blossoms discovered in
one of the floral arrangements sold on Invoice 1088 on January 27; issued Credit
Memorandum 102 for $200.
INSTRUCTIONS
1. Record the transactions in the proper journal. Use 7 as the page number for the sales journal
and 11 as the page number for the general journal.
2. Immediately after recording each transaction, post to the accounts receivable ledger.
3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the
end of the month.
4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable
control account with the total of the schedule.
Analyze: Damaged goods decreased sales by what dollar amount? By what percentage amount?

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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