Set A Kate Collins has opened Fontina and Stuff, a wholesale grocery and cheese

Question

Set A Kate Collins has opened Fontina and Stuff, a wholesale grocery and cheese company. The following transactions occurred in February: 9A-1. 201X Feb. Sold grocery merchandise to Fran Co. on account, $850, invoice no. 1. 1 4 Sold cheese merchandise to Groom Co. on account, $1,100, invoice no. 2. 8 Sold grocery merchandise to Dutch Co. on account, $1,100, invoice no. 3. 10 Issued credit memorandum no. 1 to Fran Co. for $160 of grocery merchandise 15 19 25 returned due to spoilage. Sold cheese merchandise to Groom Co. on account, $250, invoice no. 4. Sold grocery merchandise to Dutch Co. on account, $650, invoice no. 5. Sold cheese merchandise to Fran Co. on account, $700, invoice no. 6. Required 1. Journalize the transactions. 2. Record to the accounts receivable subsidiary ledger and post to the gen- eral ledger as appropriate. 3. Prepare a schedule of accounts receivable for the end of February

Explanation / Answer

(1).

Date

Account Titles & Explanation

Debit

Credit

201X

Feb. 1

Accounts Receivable – Fran Co.

$850

     Sale

$850

(For recording sale to Fran Co.)

Feb. 4

Accounts Receivable – Groom Co.

$1100

     Sale

$1100

(For recording sale to Groom Co.)

Feb. 8

Accounts Receivable – Dutch Co.

$1100

     Sale

$1100

(For recording sale to Dutch Co.)

Feb. 10

Sales Returns & Allowance

$160

     Accounts Receivable – Fran Co.

$160

(For recording issue of credit note to Fran Co.)

Feb. 15

Accounts Receivable – Groom Co.

$250

     Sale

$250

(For recording sale to Groom Co.)

Feb. 19

Accounts Receivable – Dutch Co.

$650

     Sale

$650

(For recording sale to Dutch Co.)

Feb. 25

Accounts Receivable – Fran Co.

$700

     Sale

$700

(For recording sale to Fran Co.)

(2).

Accounts Receivable

Feb. 1

$850

Feb. 4

$1100

Feb. 8

$1100

Feb. 10

$160

Feb. 15

$250

Feb. 19

$650

Feb. 25

$700

End of Feb.

$4490

Accounts Receivable – Fran Co.

Feb. 1

$850

Feb. 10

$160

Feb. 25

$700

End of Feb.

$1390

Accounts Receivable – Groom Co.

Feb. 4

$1100

Feb. 15

$250

End of Feb.

$1350

Accounts Receivable – Dutch Co.

Feb. 8

$1100

Feb. 19

$650

End of Feb.

$1750

(3).

Invoice

Invoice Date

Due Date

Amount

1 – 30 Days

1

Feb. 1

NA

$690

$690

2

Feb. 4

NA

$1100

$1100

3

Feb. 8

NA

$1100

$1100

4

Feb. 15

NA

$250

$250

5

Feb. 19

NA

$650

$650

6

Feb. 25

NA

$700

$700

Total

$4490

$4490

Note;

Collection date is and percentage of collection is not given so we have assumed that all amount will be recovered within 30 days .

Date

Account Titles & Explanation

Debit

Credit

201X

Feb. 1

Accounts Receivable – Fran Co.

$850

     Sale

$850

(For recording sale to Fran Co.)

Feb. 4

Accounts Receivable – Groom Co.

$1100

     Sale

$1100

(For recording sale to Groom Co.)

Feb. 8

Accounts Receivable – Dutch Co.

$1100

     Sale

$1100

(For recording sale to Dutch Co.)

Feb. 10

Sales Returns & Allowance

$160

     Accounts Receivable – Fran Co.

$160

(For recording issue of credit note to Fran Co.)

Feb. 15

Accounts Receivable – Groom Co.

$250

     Sale

$250

(For recording sale to Groom Co.)

Feb. 19

Accounts Receivable – Dutch Co.

$650

     Sale

$650

(For recording sale to Dutch Co.)

Feb. 25

Accounts Receivable – Fran Co.

$700

     Sale

$700

(For recording sale to Fran Co.)

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