Reference no: EM132842610
Question - Highway Interchange sells clothing to retailers. During the month of March 2019, the following transactions occurred. Assume zero opening balances for the subledger and general ledger accounts. Assume no entries were made directly to the accounts receivable general ledger from the general journal.
Mar 1 Sold inventory to Fashion House (Invoice #865) for $7,000 cash. The inventory had a cost of $3,000.
Mar 10 Received a loan from the Victoria Bank for $5,000.
Mar 13 Sold inventory to Stella Lanes (Invoice #866) on account for $8,100. The inventory had a cost of $3,240.
Mar 16 Sold inventory to Dress Me (Invoice #867) for $7,200 on account. The inventory had a cost of $2,976.
Mar 19 Received full payment from Stella Lanes for the sale on March 13.
Mar 31 Received $80 of interest earned on a savings account.
Required -
a) Record the above transactions in the sales journal and the cash receipts journal.
b) Post the appropriate transactions from the journals to the subledger accounts.
c) At the end of the month, total the journals and update the accounts receivable control account.
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