Answered: Jun. 1 Sold merchandise inventory on…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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Jun. 1

Sold merchandise inventory on account to Coyle Company, $1,510.

Jun. 6

Sold merchandise inventory for cash, $450.

Jun. 12

Received cash from Coyle Company in full settlement of its accounts receivable.

Jun. 20

Sold merchandise inventory on account to Idetta Company, $675.

Jun. 22

Sold merchandise inventory on account to Dafler Company, $180.

Jun. 28

Received cash from Idetta Company in partial settlement of its accounts receivable, $550.

1.	Journalize the transactions. Ignore cost of goods sold. Omit explanations.
2.	Post the transactions to the general ledger and the accounts receivable subsidiary ledger. Assume all beginning balances are $0.
3.	Verify the ending balance in the control Accounts Receivable equals the sum of the balances in the subsidiary ledger.

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