The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. Jan. 2 Issued Ck. No. 6981 to JSS Management Company for monthly rent, $758. 2 J. Hammond, the owner, invested an additional $3,518 in the business. 4 Bought merchandise on account from Valencia and Company, invoice no. A691, $2,932; terms 2/10, n/30; dated January 2. 4 Received check from Vega Appliance for $972.16 in payment of $992 invoice less discount. 4 Sold merchandise on account to L. Paul, invoice no. 6483, $864. 6 Received check from Petty, Inc., $653.66, in payment of $667 invoice less discount. 7 Issued Ck. No. 6982, $594.86, to Fischer and Son, in payment of invoice no. C1272 for $607 less discount. 7 Bought supplies on account from Doyle Office Supply, invoice no. 1906B, $108; terms net 30 days. 7 Sold merchandise on account to Ellison and Clay, invoice no. 6484, $803. 9 Issued credit memo no. 43 to L. Paul, $59, for merchandise returned. 11 Cash sales for January 1 through January 10, $4,846.20. 11 Issued Ck. No. 6983, $2,873.36, to Valencia and Company, in payment of $2,932 invoice less discount. 14 Sold merchandise on account to Vega Appliance, invoice no. 6485, $2,058. 18 Bought merchandise on account from Costa Products, invoice no. 7281D, $4,857; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, $164 (total $5,021). 21 Issued Ck. No. 6984, $188, to M. Miller for miscellaneous expenses not recorded previously. 21 Cash sales for January 11 through January 20, $4,572. 23 Issued Ck. No. 6985 to Forbes Freight, $96, for freight charges on merchandise purchased on January 4. 23 Received credit memo no. 163, $382, from Costa Products for merchandise returned. 29 Sold merchandise on account to Bruce Supply, invoice no. 6486, $1,844. 31 Cash sales for January 21 through January 31, $4,426. 31 Issued Ck. No. 6986, $63, to M. Miller for miscellaneous expenses not recorded previously. 31 Recorded payroll entry from the payroll register: total salaries, $6,100; employees' federal income tax withheld, $862; FICA Social Security tax withheld, $378.20, FICA Medicare tax withheld, $88.45. 31 Recorded the payroll taxes: Social Security tax, $378.20, FICA Medicare tax, $88.45; state unemployment tax, $329.40; federal unemployment tax, $48.80. 31 Issued Ck. No. 6987, $4,771.35, for salaries for the month. 31 J. Hammond, the owner, withdrew $996 for personal use, Ck. No. 6988. Required: Prepare a schedule of accounts receivable. Hammond Auto SupplySchedule of Accounts ReceivableJanuary 31, 20--

The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. Jan. 2 Issued Ck. No. 6981 to JSS Management Company for monthly rent, $758. 2 J. Hammond, the owner, invested an additional $3,518 in the business. 4 Bought merchandise on account from Valencia and Company, invoice no. A691, $2,932; terms 2/10, n/30; dated January 2. 4 Received check from Vega Appliance for $972.16 in payment of $992 invoice less discount. 4 Sold merchandise on account to L. Paul, invoice no. 6483, $864. 6 Received check from Petty, Inc., $653.66, in payment of $667 invoice less discount. 7 Issued Ck. No. 6982, $594.86, to Fischer and Son, in payment of invoice no. C1272 for $607 less discount. 7 Bought supplies on account from Doyle Office Supply, invoice no. 1906B, $108; terms net 30 days. 7 Sold merchandise on account to Ellison and Clay, invoice no. 6484, $803. 9 Issued credit memo no. 43 to L. Paul, $59, for merchandise returned. 11 Cash sales for January 1 through January 10, $4,846.20. 11 Issued Ck. No. 6983, $2,873.36, to Valencia and Company, in payment of $2,932 invoice less discount. 14 Sold merchandise on account to Vega Appliance, invoice no. 6485, $2,058. 18 Bought merchandise on account from Costa Products, invoice no. 7281D, $4,857; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, $164 (total $5,021). 21 Issued Ck. No. 6984, $188, to M. Miller for miscellaneous expenses not recorded previously. 21 Cash sales for January 11 through January 20, $4,572. 23 Issued Ck. No. 6985 to Forbes Freight, $96, for freight charges on merchandise purchased on January 4. 23 Received credit memo no. 163, $382, from Costa Products for merchandise returned. 29 Sold merchandise on account to Bruce Supply, invoice no. 6486, $1,844. 31 Cash sales for January 21 through January 31, $4,426. 31 Issued Ck. No. 6986, $63, to M. Miller for miscellaneous expenses not recorded previously. 31 Recorded payroll entry from the payroll register: total salaries, $6,100; employees' federal income tax withheld, $862; FICA Social Security tax withheld, $378.20, FICA Medicare tax withheld, $88.45. 31 Recorded the payroll taxes: Social Security tax, $378.20, FICA Medicare tax, $88.45; state unemployment tax, $329.40; federal unemployment tax, $48.80. 31 Issued Ck. No. 6987, $4,771.35, for salaries for the month. 31 J. Hammond, the owner, withdrew $996 for personal use, Ck. No. 6988. Required: Prepare a schedule of accounts receivable. Hammond Auto SupplySchedule of Accounts ReceivableJanuary 31, 20--

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30.

Jan.	2	Issued Ck. No. 6981 to JSS Management Company for monthly rent, $758.
	2	J. Hammond, the owner, invested an additional $3,518 in the business.
	4	Bought merchandise on account from Valencia and Company, invoice no. A691, $2,932; terms 2/10, n/30; dated January 2.
	4	Received check from Vega Appliance for $972.16 in payment of $992 invoice less discount.
	4	Sold merchandise on account to L. Paul, invoice no. 6483, $864.
	6	Received check from Petty, Inc., $653.66, in payment of $667 invoice less discount.
	7	Issued Ck. No. 6982, $594.86, to Fischer and Son, in payment of invoice no. C1272 for $607 less discount.
	7	Bought supplies on account from Doyle Office Supply, invoice no. 1906B, $108; terms net 30 days.
	7	Sold merchandise on account to Ellison and Clay, invoice no. 6484, $803.
	9	Issued credit memo no. 43 to L. Paul, $59, for merchandise returned.
	11	Cash sales for January 1 through January 10, $4,846.20.
	11	Issued Ck. No. 6983, $2,873.36, to Valencia and Company, in payment of $2,932 invoice less discount.
	14	Sold merchandise on account to Vega Appliance, invoice no. 6485, $2,058.
	18	Bought merchandise on account from Costa Products, invoice no. 7281D, $4,857; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, $164 (total $5,021).
	21	Issued Ck. No. 6984, $188, to M. Miller for miscellaneous expenses not recorded previously.
	21	Cash sales for January 11 through January 20, $4,572.
	23	Issued Ck. No. 6985 to Forbes Freight, $96, for freight charges on merchandise purchased on January 4.
	23	Received credit memo no. 163, $382, from Costa Products for merchandise returned.
	29	Sold merchandise on account to Bruce Supply, invoice no. 6486, $1,844.
	31	Cash sales for January 21 through January 31, $4,426.
	31	Issued Ck. No. 6986, $63, to M. Miller for miscellaneous expenses not recorded previously.
	31	Recorded payroll entry from the payroll register: total salaries, $6,100; employees' federal income tax withheld, $862; FICA Social Security tax withheld, $378.20, FICA Medicare tax withheld, $88.45.
	31	Recorded the payroll taxes: Social Security tax, $378.20, FICA Medicare tax, $88.45; state unemployment tax, $329.40; federal unemployment tax, $48.80.
	31	Issued Ck. No. 6987, $4,771.35, for salaries for the month.
	31	J. Hammond, the owner, withdrew $996 for personal use, Ck. No. 6988.

Required:

Prepare a schedule of accounts receivable.

Hammond Auto SupplySchedule of Accounts ReceivableJanuary 31, 20--

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