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Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, $570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, $486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, $40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, $293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, $640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, $582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, $68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, $652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, $832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, $98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.

BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter
Section
Chapter 9, Problem 5PA
Textbook Problem

Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year:

Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, $570.40.

5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, $486.10.

6 Issued credit memo no. 50 to Myers Company for merchandise returned, $40.70.

10 Sold merchandise on account to Diaz Hardware, invoice no. 763, $293.35.

14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, $640.16.

17 Sold merchandise on account to Powell and Reyes, invoice no. 765, $582.12.

21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, $68.44.

24 Sold merchandise on account to Ortiz Company, invoice no. 766, $652.87.

26 Sold merchandise on account to Diaz Hardware, invoice no. 767, $832.19.

30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, $98.50.

Required

  1. 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74.
  2. 2. Immediately after recording each transaction, post to the accounts receivable ledger.
  3. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412.
  4. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.

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Chapter 9 Solutions

College Accounting (Book Only): A Career Approach
Show all chapter solutions
Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - What is the purpose of each of the following? a....Ch. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - With regard to goods sold and purchased, explain...Ch. 9 - Explain the meaning and importance of the shipping...Ch. 9 - Describe the four procedures that most companies...Ch. 9 - Describe the posting procedures to the general...Ch. 9 - Describe the procedure for posting each of the...Ch. 9 - Who issues a credit memorandum and why?Ch. 9 - What is the difference between a periodic...Ch. 9 - Record the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Journalize the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Record the following transactions for a perpetual...Ch. 9 - Toby Company had the following sales transactions...Ch. 9 - Williams Corporation had the following purchases...Ch. 9 - Kelley Company has completed the following October...Ch. 9 - Bell Florists sells flowers on a retail basis....Ch. 9 - Berrys Pet Store records purchase transactions in...Ch. 9 - Shirleys Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Hawkins,...Ch. 9 - Gomez Company sells electrical supplies on a...Ch. 9 - Patterson Appliance uses a three-column purchases...Ch. 9 - Abbott Florists sells flowers on a retail basis....Ch. 9 - Lowerys Pet Depot records purchase transactions in...Ch. 9 - Mays Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Khan, Inc., a...Ch. 9 - R. J. Hinton Company sells electrical supplies on...Ch. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Jax Mercantile Co. has been northern Colorados...Ch. 9 - You are the bookkeeper at a small merchandising...Ch. 9 - Following is a trial balance prepared just before...Ch. 9 - Ms. Valli of All About You Spa has decided to...

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