(–) clⓘ ezto.mheducation.comhm.tpx Aaesome Sounds is a wholesale business that sels muskcal instruments. Transacsions involving sales and cash recolpts for the firm during Apel 2016 follow, along with the general ledger accounts used to record hese ransactions GENERAL LEDGER ACCOUNTS 5 16,000 Dr 109 Notes Receivable 11 Accounts Recelvable 20,600 Dr 401 Sales 51 Sales Returns and Allowances 452 Sales Discounts DATE TRANSACTIONS Apeil 1 Sold merchandise for $3,500 to Soprano Music Center, issued Invoice 9312 with terms of 2/10 n/30 3 Received a check for $2,156 from Music Supply Store in payment of Invoice 6718 of March 25 $2200) less a cash discount (544) 5 Sold merchandise for $1,475 in cash to a new customer who has not yet established credit Sold merchandise for $4,100 to Music Warehouse, issued Invoice 9313 with tems of 2/10, n/30 10 Soprano Music Center sent a check for $3,430 in payment of Invoice 9312 of April 1 (53.500) less a cash discount (370) 15 Accepted a return of damaged merchandise from Music Warehouse, issued Credit Memorandum 105 for $760 the original sale was made on Invoice 9313 of Apell 19 Sold merchandise for $10,100 to Eagleton Music Center, issued Invoice 9314 with terms of 2/10 23 Collected $2.875 from Sounds From Yesterday for Involce 6725 of March 26 26 Accepted a two-month promissory mote for $5.100 from Country Music Store in seltlement of ts 28 Received a check for $9 898 from Eagleton Music Center in payment of Involce 9314, dated Ape 30 Sold marchandse for $9.400 to Contempoany Sounds, Inc, Issued Invoice 9315 with termso overdue account the note has an interest eane of 12 percent 19 (510,10D) less a cash discount (5202) 2/10, n/30 2.1 Record the transactions in a sales journal as of Aprl 2016 Type here to search Esc d- 띠 2
Expert Answer
Journal | ||||
As of April 2016 | ||||
Date | Account Title | Account No. | Debit $ | Credit $ |
1-Apr | Accounts Receivable | 111 | 3500 | |
Sales | 401 | 3500 | ||
3-Apr | Cash | 101 | 2156 | |
Sales Discounts | 452 | 44 | ||
Accounts Receivable | 111 | 2200 | ||
5-Apr | Cash | 101 | 1475 | |
Sales | 401 | 1475 | ||
8-Apr | Accounts Receivable | 111 | 4100 | |
Sales | 401 | 4100 | ||
10-Apr | Cash | 101 | 3430 | |
Sales Discounts | 452 | 70 | ||
Accounts Receivable | 111 | 3500 | ||
15-Apr | Sales Returns & Allowances | 451 | 760 | |
Accounts Receivable | 111 | 760 | ||
19-Apr | Accounts Receivable | 111 | 10100 | |
Sales | 401 | 10100 | ||
23-Apr | Cash | 101 | 2875 | |
Accounts Receivable | 111 | 2875 | ||
26-Apr | Notes receivable | 109 | 5100 | |
Accounts Receivable | 111 | 5100 | ||
28-Apr | Cash | 101 | 9898 | |
Sales Discounts | 452 | 202 | ||
Accounts Receivable | 111 | 10100 | ||
30-Apr | Accounts Receivable | 111 | 9400 | |
Sales | 401 | 9400 |
Cash | A/c No. 101 | |||
Date | Account Title | Debit | Credit | Balance |
1-Apr | 16000 | |||
3-Apr | Accounts receivable | 2156 | 18156 | |
5-Apr | Sales | 1475 | 19631 | |
10-Apr | Accounts receivable | 3430 | 23061 | |
23-Apr | Accounts receivable | 2875 | 25936 | |
28-Apr | Accounts receivable | 9898 | 35834 |
Accounts Receivable | A/c No. 111 | |||
Date | Account Title | Debit | Credit | Balance |
1-Apr | 20600 | |||
1-Apr | Sales | 3500 | 24100 | |
3-Apr | Cash | 2156 | 21944 | |
Sales Discounts | 44 | 21900 | ||
8-Apr | Sales | 4100 | 26000 | |
10-Apr | Cash | 3430 | 22570 | |
Sales Discounts | 70 | 22500 | ||
15-Apr | Sales returns & allowances | 760 | 21740 | |
19-Apr | Sales | 10100 | 31840 | |
23-Apr | Cash | 2875 | 28965 | |
26-Apr | Notes receivable | 5100 | 23865 | |
28-Apr | Cash | 9898 | 13967 | |
Sales Discounts | 202 | 13765 | ||
30-Apr | Sales | 9400 | 23165 |
Sales | A/c No. 401 | |||
Date | Account Title | Debit | Credit | Balance |
1-Apr | Accounts receivable | 3500 | 3500 | |
5-Apr | Cash | 1475 | 4975 | |
8-Apr | Accounts receivable | 4100 | 9075 | |
19-Apr | Accounts receivable | 10100 | 19175 | |
30-Apr | Accounts receivable | 9400 | 28575 |
Sales returns & allowance | A/c No. 451 | |||
Date | Account Title | Debit | Credit | Balance |
15-Apr | Accounts Receivable | 760 | 760 |
Sales discounts | A/c No. 452 | |||
Date | Account Title | Debit | Credit | Balance |
3-Apr | Accounts receivable | 44 | 44 | |
10-Apr | Accounts receivable | 70 | 114 | |
28-Apr | Accounts receivable | 202 | 316 |
Notes receivable | A/c No. 109 | |||
Date | Account Title | Debit | Credit | Balance |
26-Apr | Accounts receivable | 5100 | 5100 |
AWESOME SOUNDS | ||
Partial Income Statement | ||
Month Ended April 30, 2016 | ||
Revenue | 28575 | |
Less: | ||
Sales returns & allowances | 760 | |
Sales discounts | 316 | 1076 |
Net Sales | 27499 |
Total sales on account prior to Returns & Allowances:
$28575 – $4975 = $23600