Question

9A-2. 3. Prepare a schedule of accounts receivable for the end ul February The following transactions of Jeff's Auto Supply occurred in February (Balances as of February 1 are given for general ledger and accounts ledger accounts: Dick, $1,100 Dr.; Metcalf, $200 Dr.; Black, $100 Dr. Receivable, $1,400 Dr.; Sales Tax Payable, $1,100 Cr. The balance of M dise Inventory is $8,000. Be sure to enter these balances in your working before beginning.): accounts receivable 5100 Dr.; Accounts nce of Merchan- 2017 Feb. 1 Sold auto parts merchandise to R. Dick on account, $800, invoice no. 10. nlue a sales tax. The cost of the merchandise was $520. 5 Sold auto parts merchandise to J. Metcalf on account, $800, invoice no. 11.pl 10% sales tax. The cost of the merchandise was $545. 8 Sold auto parts merchandise to Lance Black on account, $6,000, invoice no 12 plus 10% sales tax. The cost of the merchandise was $3,900. 10 Issued credit memorandum no. 12 to R. Dick for $700 for defective auto parts merchandise returned from Feb. 1 transaction. (Be careful to record the reduction in Sales Tax Payable as well. The cost of the merchandise was $500. 12 Sold auto parts merchandise to J. Metcalf on account, $400, invoice no. 13, plus 10% sales tax. The cost of the merchandise was $260. Required 1. Journalize the transactions. 2. Record to the accounts receivable subsidiary ledger and post to the gencia ledger as appropriate. 3. Prepare a schedule of accounts receivable for the end of February

Answer 1

1. I the books of Jeff's Auto Supply :

Date	Account Titles	Debit	Credit
20IX		$	$
Feb 1	Accounts Receivable: D	880
	Sales		800
	Sales Tax Payable		80
Feb 1	Cost of Goods Sold	520
	Merchandise Inventory		520
Feb 5	Accounts Receivable: Metcalf	880
	Sales		800
	Sales Tax Payable		80
Feb 5	Cost of Goods Sold	545
	Merchandise Inventory		545
Feb 8	Accounts Receivable: Black	6,600
	Sales		6,000
	Sales Tax Payable		600
Feb 8	Cost of Goods Sold	3,900
	Merchandise Inventory		3,900
Feb 10	Sales Returns and Allowances	700
	Sales Tax Payable	70
	Accounts Receivable:D		770
Feb 10	Merchandise Inventory	500
	Cost of Goods Sold		500
Feb 12	Accounts Receivable: Metcalf	440
	Sales		400
	Sales Tax Payable		40
Feb 12	Cost of Goods Sold	260
	Merchandise Inventory		260

2. Subsidiary Ledger: Accounts Receivable

Accounts Receivable: R. D
Date	Ref.	Debit	Credit	Balance
Feb 1				$ 1,100 Dr.
Feb 1	Inv. 10	880
Feb 10	Cr. memo : 12		770	1,210 Dr.
Accounts Receivable : J. Metcalf
Date		Debit	Credit	Balance
Feb 1				$ 200 Dr.
Feb 5	Inv. 11	880
Feb 12	Inv. 13	440		1,520 Dr.
Accounts Receivable: Lance Black
Date		Debit	Credit	Balance
Feb 1				100 Dr.
Feb 8	Inv. 12	6,600		6,700 Dr.

General Ledger:

Accounts Receivable
Date	Debit	Credit	Balance
Feb 1			1,400 Dr.
Feb 1	880
Feb 5	880
Feb 8	6,600
Feb 10		770
Feb 12	440		9,430 Dr.
Merchandise Inventory
Date	Debit	Credit	Balance
Feb 1			8,000 Dr.
Feb 1		520
Feb 5		545
Feb 8		3,900
Feb 10	500
Feb 12		260	3,275 Dr.
Sales Tax Payable
Date	Debit	Credit	Balance
Feb 1			1,100 Cr.
Feb 1		80
Feb 5		80
Feb 8		600
Feb 10	70
Feb 12		40	1,830 Cr.

3.

Jeff's Auto Supply Schedule of Accounts Receivable February 28, 20IX
Accounts Receivable: D	$ 1,210
Accounts Receivable: Metcalf	1,520
Accounts Receivable: Black	6,700
Total	$ 9,430