Acc 111 Assume VAT Inclusive

Jeanne Company completed the following sales transactions during the month of June 2019. All credit
sales have terms of 3/10, n/30 and all invoices are dated as at the transactions date.

June 1 Jeanne invested 52,000 of his funds in the business.

1 - Sold merchandise on account to R. Bituin, 32,000. Invoice no. 377.

3 - Sold merchandise on account to A Perdaales, 54,000. Invoice no. 378.

4 - Sold 46,000 of merchandise for cash.

7 - Received payment from R Bituin less discounts.

9 - Received payment from A Perdales less discounts.

13 - Sold merchandise to B. Ceballus on account, 62,000. Invoice no. 379.

15 - Borrowed 30,000 from the Monte Bank by issuing a 10% note payable due in 3 months.

16 - Sold merchandise to A Ramel on account, 17,000. Invoice no. 380.

21 - Collected amount due from B. Ceballus less returns and discounts.

29 - Received 6,000 from A Ramel.

30 - Sold goods on account to P Maritimo, 34,000. Invoice no. 381.

Required:

1. Record the transactions in the appropriate journals.

2. Total the sales and the cash receipts journals.
3. Using the following account numbers and journal page numbers, post to the general ledgers
and accounts receivable subsidiary ledgers:
Account No. Journal Page No.
Cash 110 Sales 16
Accounts Receivable 120 Cash Receipts 35
Notes payable 210 General 13
Jeanne capital 310
Sales 410
Sales returns and allowances 420
Sales discounts 430

4. Prepare a Schedule of Accounts Receivable