Journalizing Sales Returns and Allowances Selected transactions are shown. June 1 John B. Abramowitz returned merchandise previously purchased on account (Sale No. 329), $73. 6 Marie L. Perez returned merchandise previously purchased on account (Sale No. 321), $44. 8 L. B. Gruder returned merchandise previously purchased on account (Sale No. 299), $24. 1. Enter the transactions starting on page 60 of a general journal. Enter the posting references when you complete part 2. GENERAL JOURNAL PAGE 60 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- June 1 /√ Returned merchandise June 6 /√ Returned merchandise June 8 /√ Returned merchandise 2. Post the transactions to the appropriate general ledger and accounts receivable ledger accounts. GENERAL LEDGER ACCOUNT Accounts Receivable ACCOUNT NO. 122 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- June 1 Balance √ 4,200.00 ACCOUNT Sales Returns and Allowances ACCOUNT NO. 401.1 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- ACCOUNTS RECEIVABLE LEDGER NAME John B. Abramowitz ADDRESS 3201 West Judkins Road, Seattle, WA 98201-1079 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- June 1 Balance √ 850.00 NAME L. B. Gruder ADDRESS 44 Western Blvd., Spokane, WA 98601-4092 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- June 1 Balance √ 428.00 NAME Marie L. Perez ADDRESS 158 West Adams Point, Bellevue, WA 98401-0663 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- June 1 Balance √ 1,018.00

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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Question

Journalizing Sales Returns and Allowances

Selected transactions are shown.

June 1		John B. Abramowitz returned merchandise previously purchased on account (Sale No. 329), $73.
6		Marie L. Perez returned merchandise previously purchased on account (Sale No. 321), $44.
8		L. B. Gruder returned merchandise previously purchased on account (Sale No. 299), $24.

1. Enter the transactions starting on page 60 of a general journal. Enter the posting references when you complete part 2.

GENERAL JOURNAL	PAGE 60
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
20--
June 1
		/√
	Returned merchandise

June 6
		/√
	Returned merchandise

June 8
		/√
	Returned merchandise

2. Post the transactions to the appropriate general ledger and accounts receivable ledger accounts.

GENERAL LEDGER
ACCOUNT	Accounts Receivable		ACCOUNT NO.	122
	BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--
June 1	Balance	√			4,200.00

ACCOUNT	Sales Returns and Allowances		ACCOUNT NO.	401.1
	BALANCE
DATE	ITEM	POST. REF.	DEBIT	CREDIT	DEBIT	CREDIT
20--

ACCOUNTS RECEIVABLE LEDGER
NAME	John B. Abramowitz
ADDRESS	3201 West Judkins Road, Seattle, WA 98201-1079
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
June 1	Balance	√			850.00

NAME	L. B. Gruder
ADDRESS	44 Western Blvd., Spokane, WA 98601-4092
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
June 1	Balance	√			428.00

NAME	Marie L. Perez
ADDRESS	158 West Adams Point, Bellevue, WA 98401-0663
DATE	ITEM	POST. REF.	DEBIT	CREDIT	BALANCE
20--
June 1	Balance	√			1,018.00

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