Bernice Ruel operates Leather Unlimited, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of March, the following transactions occurred. The applicable sales tax rate is 6%. Mar. 2 Sold merchandise on account to Emma Sommers, $250.00, plus sales tax. 9 Sold merchandise on account to Shelly Feinstein, $470.00, plus sales tax. 12 Emma Sommers returned $40.00 worth of merchandise purchased on March 2 for credit. 18 Sold merchandise on account to Maureen Hodge, $110.00, plus sales tax. 19 Sold merchandise on account to Frank MacDonald, $165.00, plus sales tax. 22 Received payment from Emma Sommers on account. 26 Maureen Hodge was given an allowance of $30.00 when she reported damage in the merchandise purchased on March 18. 28 Sold merchandise on account to Emma Sommers, $500.00, plus sales tax. 29 Sold merchandise on account to Shelly Feinstein, $230.00, plus sales tax. 31 Received payment from Maureen Hodge on account. 31 Cash sales for the month were $2,600, plus sales tax. Prepare a schedule of accounts receivable as of March 31, 20--. When required, enter amounts in dollars and cents. Leather Unlimited Schedule of Accounts Receivable March 31, 20-- $ Total $

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

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Bernice Ruel operates Leather Unlimited, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of March, the following transactions occurred. The applicable sales tax rate is 6%.

Mar. 2	Sold merchandise on account to Emma Sommers, $250.00, plus sales tax.
9	Sold merchandise on account to Shelly Feinstein, $470.00, plus sales tax.
12	Emma Sommers returned $40.00 worth of merchandise purchased on March 2 for credit.
18	Sold merchandise on account to Maureen Hodge, $110.00, plus sales tax.
19	Sold merchandise on account to Frank MacDonald, $165.00, plus sales tax.
22	Received payment from Emma Sommers on account.
26	Maureen Hodge was given an allowance of $30.00 when she reported damage in the merchandise purchased on March 18.
28	Sold merchandise on account to Emma Sommers, $500.00, plus sales tax.
29	Sold merchandise on account to Shelly Feinstein, $230.00, plus sales tax.
31	Received payment from Maureen Hodge on account.
31	Cash sales for the month were $2,600, plus sales tax.

Prepare a schedule of accounts receivable as of March 31, 20--. When required, enter amounts in dollars and cents.

Leather Unlimited
Schedule of Accounts Receivable
March 31, 20--
	$


Total	$

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