To assist you in recording these transactions for the month

To assist you in recording these transactions for the month

To assist you in recording these transactions for the month of January, at the end of this
problem is the schedule of accounts receivable as of December 31 and an updated chart of
accounts with the current balance listed for each account.
Assignment
1. Journalize the transactions.
2. Record in the accounts receivable subsidiary ledger and post to the general ledger as
appropriate. A partial subsidiary ledger is included in the working papers that accompany this
text.
The following accounts have been added to the chart of accounts: Sales #4010, Sales Returns
and Allowances #4020, and Sales Discounts #4030.
3. Prepare a schedule of accounts receivable as of January 31, 201X.
The January transactions are as follows:
Jan. 1 Sold $780 worth of merchandise to Phil's Photography on credit, sales invoice no. 5000;
terms 3/10, n/30.
10 Sold $3,600 worth of merchandise on account to Dr. Michael Turiono, sales invoice no.
5001; terms 3/10, n/30.
11 Received $2,800 from All Star Sports, Inc., toward payment of its balance; no discount
allowed.
12 Collected $2,800 cash sales.
19 Sold $4,500 worth of merchandise on account to Worldwide Professionals, sales invoice no.
5002; terms 2/10, n/30.
20 Collected balance in full from Dr. Michael Turiono, invoice no. 5001.
29 Issued credit memorandum to Phil's Photography for $460 worth of merchandise returned,
invoice no. 5000.
29 Collected full payment from Worldwide Professionals, invoice no. 5002.
Schedule of Accounts Receivable
Smith Computer Center
December 31, 201X
Phil's Photography.........................................................$ 3,775.00
Worldwide Professionals....................................................7,400.00
All Star Sports, Inc. .........................................................4,400.00
Total Amount Due.........................................................$15,575.00

To assist you in recording these transactions for the month

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