Open the general ledger accounts and accounts receivable

Assignment Help Accounting Basics

Reference no: EM131067443

Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm during April 2016 follow. The firm sells its merchandise for cash and on open account. During April, Incredible Sounds engaged in the following transactions: Instructions: Instructions: Open the general ledger accounts and accounts receivable ledger accounts indicated below.

Record the transactions listed above in the general journal. Use page 1 as the page number. Post the entries from the general journal to the appropriate accounts in the general ledger and in the accounts receivable ledger. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable control account with the total of the schedule.

General Ledger Accounts 101 Cash ($27,400 Debit) 111 Accounts Receivable ($4,300 Debit) 114 Merchandise Inventory ($35,275 Debit) 401 Sales 421 Sales Returns and Allowances 452 Sales Discounts 501 Cost of Goods Sold Accounts Receivable Ledger Accounts Alto Music Center Country Tunes Hawk Music Center Modern Sounds Music Supply Store ($2,000 Debit) Music Warehouse Oldies Sounds ($2,300 Debit)

Reference no: EM131067443

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