Creating a schedule of accounts receivable


Response to the following 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 or in 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. Record the sales returns and allowances in the general journal .

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.

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Financial Accounting: Creating a schedule of accounts receivable
Reference No:- TGS02127866

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