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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Toby Company had the following sales transactions for March:

Mar. 6    Sold merchandise on account to Osbourne, Inc., invoice no. 1128, $563.17.

14    Sold merchandise on account to Ortiz Company, invoice no. 1129, $823.50.

20    Sold merchandise on account to Bailey Corporation, invoice no. 1130, $2,350.98.

24    Sold merchandise on account to Shannon Corporation, invoice no. 1131, $1,547.07.

Assume that Toby Company had beginning balances on March 1 of $3,569.80 (Sales 411) and $2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.

To determine

Prepare journal entry to record the given transaction in sales journal and post them to the general ledger.

Explanation

Sales journal:

Sales journal is one form of special journal book, which records all the sales transactions that are sold to customers on credit. In a single column sales journal, debit aspect of accounts receivable and credit aspect of inventory are recorded, and then posted to individual subsidiary customer account.

Prepare journal entry to record the given transaction in sales journal.

Date Invoice  Number Customer name Post.Ref

Accounts receivable (Dr)

Sales (Cr)

March 6 1128 Incorporation O ✓    $563.17
March 14 1128 Company O ✓    $823.50
March 20 1130 Company B ✓    $2,350.98
March 24 1131 Company S ✓    $1,547.07
March 31   Total ✓    5,284.72
        (113)  (411)

(Table 1)

Post the transactions to the general ledger.

                                   Accounts Receivable                    Account  No: 113
Date Item Post ref...

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