In store credit customer makes purchase on account for $50.00, invoice #18. What do the enteries look like using specialized journals, general ledger and subsidiary ledger sheets please?
To properly record the transaction using specialized journals, a general ledger, and subsidiary ledger sheets, we can follow these steps:
1. Specialized Journals:
a. Sales Journal: Record the credit sale transaction in the Sales Journal. In this case, the customer purchased on account for $50.00. Enter the details of the transaction:
|Date |Invoice #|Customer |Account Debited (Accounts Receivable)|Amount|
|--------|---------|------------|------------------------------------|------|
|[DATE] |18 |[Customer] |[Accounts Receivable] |$50.00|
2. General Ledger (Accounts Receivable):
a. Create an account in the General Ledger named "Accounts Receivable." This account represents the total amount owed to the store by customers.
b. Post the transaction from the Sales Journal to the Accounts Receivable account in the General Ledger. This includes the date, invoice number, and amount:
|Date |Reference |Debit |Credit|
|--------|------------|------|------|
|[DATE] |Invoice 18 |$50.00| |
3. Subsidiary Ledger (Customer Accounts):
a. Create a subsidiary ledger sheet for the specific customer involved in the transaction (e.g., "Customer A").
b. Record the details of the transaction on the subsidiary ledger sheet. This includes the date, invoice number, and amount:
|Date |Invoice #|Account Debited (Accounts Receivable)|Amount|
|--------|---------|------------------------------------|------|
|[DATE] |18 |[Accounts Receivable] |$50.00|
These entries in the specialized journals, general ledger, and subsidiary ledger sheets will correctly record the $50.00 credit purchase on account as per the given information.