At the end of May, the sales journal of Mountain View appears as follows. Assume

Question

At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $20,000 Account Debited Accounts Receivable Dr. Cost of Goods Sold Dr Inventory Cr 3,120 2,325 1,480 1,075 Invoice Date May6 Aaron Reckers Number PR 10 Sara Reed 17 Anna Page 25 Sara Reed 190 191 192 193 Sales Cr 3,880 2,940 1,850 1,340 31 Totals 10,010 8,000 Mountain View also recorded the return of defective merchandise with the following entry. Debit 350 Credit Date May 20 General Journal Sales returns and allowances Accounts receivable-Anna Page Customer returned (worthless) merchandise 350 Required 1. Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Anna Page Date Debit Credit Balance Sara Reed Date Debit Credit Balance Aaron Reckers Date Debit Credit Balance

Explanation / Answer

Required ledgers are as prepared below:

Account Receivable Subsidiary Ledger Aaron Reckers Date Debit Credit Balance May-06 3,880 3,880 Account Receivable Subsidiary Ledger Sara Reed Date Debit Credit Balance May-10 2,940 2,940 May-25 1,340 4,280 Account Receivable Subsidiary Ledger Anna Page Date Debit Credit Balance May-17 1,850 1,850 May-20 350 1,500 Account Receivable Date Debit Credit Balance May-06 3,880 3,880 May-10 2,940 6,820 May-17 1,850 8,670 May-20 350 8,320 May-25 1,340 9,660 Sales Date Debit Credit Balance May-06 3,880 3,880 May-10 2,940 6,820 May-17 1,850 8,670 May-20 8,670 May-25 1,340 10,010 Cost of goods sold Date Debit Credit Balance May-06 3,120 3,120 May-10 2,325 5,445 May-17 1,480 6,925 May-25 1,075 8,000 Inventory Date Debit Credit Balance May-01 20,000 20,000 May-06 3,120 16,880 May-10 2,325 14,555 May-17 1,480 13,075 May-25 1,075 12,000 Sales Return and allowances Date Debit Credit Balance May-20 350 350

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