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Questions: 1. Given the following, Journalize, record, post and prepare a schedule of accounts receivable at the end of April for Friends Co. Partial General Ledger Cash 110 Inventory 130 Sales Discounts 430 Dr. Cr. Dr. Cr. Dr. Cr. Bal. 1,060 Bal. 5,000 Accounts Receivable 120 Sales 410 Cost of Goods Sold 510 Dr. Cr. Dr. Cr. Dr. Cr. Bal, 600 Accounts Receivable Subsidiary Ledger Blue Co. Pete Long Co. Dr. Cr. Dr. Cr. Bal. 400 Bal. 200 April 9 Received cheque from Blue Co. for balance due less 2% discount. April 12 Cash sale collected, $500. Cost of the inventory sold was $400.

Questions: 1. Given the following, Journalize, record, post and prepare a schedule of accounts receivable at the end of April for Friends Co. Partial General Ledger Cash 110 Inventory 130 Sales Discounts 430 Dr. Cr. Dr. Cr. Dr. Cr. Bal. 1,060 Bal. 5,000 Accounts Receivable 120 Sales 410 Cost of Goods Sold 510 Dr. Cr. Dr. Cr. Dr. Cr. Bal, 600 Accounts Receivable Subsidiary Ledger Blue Co. Pete Long Co. Dr. Cr. Dr. Cr. Bal. 400 Bal. 200 April 9 Received cheque from Blue Co. for balance due less 2% discount. April 12 Cash sale collected, $500. Cost of the inventory sold was $400.

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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Questions: 1. Given the following, Journalize, record, post and prepare a schedule of accounts receivable at the end of April for Friends Co. Partial General Ledger Cash 110 Inventory 130 Sales Discounts 430 Dr. Cr. Dr. Cr. Dr. Cr. Bal. 1,060 Bal. 5,000 Accounts Receivable 120 Sales 410 Cost of Goods Sold 510 Dr. Cr. Dr. Cr. Dr. Cr. Bal. 600 Accounts Receivable Subsidiary Ledger Blue Co. Pete Long Co. Dr. Cr. Dr. Cr. Bal. 400 Bal. 200 April 9 Receíved cheque from Blue Co, for balance due less 2% discount. April 12 Cash sale collected, $500. Cost of the inventory sold was $400. Tip: Calculate Sales Discount and debit it in first transaction.
Transcribed Image Text:Questions: 1. Given the following, Journalize, record, post and prepare a schedule of accounts receivable at the end of April for Friends Co. Partial General Ledger Cash 110 Inventory 130 Sales Discounts 430 Dr. Cr. Dr. Cr. Dr. Cr. Bal. 1,060 Bal. 5,000 Accounts Receivable 120 Sales 410 Cost of Goods Sold 510 Dr. Cr. Dr. Cr. Dr. Cr. Bal. 600 Accounts Receivable Subsidiary Ledger Blue Co. Pete Long Co. Dr. Cr. Dr. Cr. Bal. 400 Bal. 200 April 9 Receíved cheque from Blue Co, for balance due less 2% discount. April 12 Cash sale collected, $500. Cost of the inventory sold was $400. Tip: Calculate Sales Discount and debit it in first transaction.
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