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Prepare a schedule of accounts receivable as of march

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Reference no: EM131724600

PROBLEM - Bernice Ruel operates Leather Unlimited, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of March, the following transactions occurred. The applicable sales tax rate is 6%.

Mar. 2 Sold merchandise on account to Emma Sommers, $250.00, plus sales tax.

9 Sold merchandise on account to Shelly Feinstein, $470.00, plus sales tax.

12 Emma Sommers returned $40.00 worth of merchandise purchased on March 2 for credit.

18 Sold merchandise on account to Maureen Hodge, $110.00, plus sales tax.

19 Sold merchandise on account to Frank MacDonald, $165.00, plus sales tax. 22 Received payment from Emma Sommers on account.

26 Maureen Hodge was given an allowance of $30.00 when she reported damage in the merchandise purchased on March 18.

28 Sold merchandise on account to Emma Sommers, $500.00, plus sales tax.

29 Sold merchandise on account to Shelly Feinstein, $230.00, plus sales tax. 31 Received payment from Maureen Hodge on account.

31 Cash sales for the month were $2,600, plus sales tax.

Required:

1. Enter the above transactions in the general journal.

2. Post the entries from the journal to the general ledger and subsidiary ledgers provided.

3. Prepare a schedule of accounts receivable as of March 31, 20--.

Reference no: EM131724600

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