Gomez Company sells electrical supplies on a wholesale

basis The
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 (page 39). Record the sales returns and
allowances in the general journal (page 74). 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.View Solution: Gomez Company sells electrical supplies on a
wholesale basis The
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