- Matrix Toy Company Sells Toys And Games To Retail Stores The Firm Offers A Trade Discount Of 40 Percent On Toys And 30 1 (38.11 KiB) Viewed 17 times
- Matrix Toy Company Sells Toys And Games To Retail Stores The Firm Offers A Trade Discount Of 40 Percent On Toys And 30 2 (61.42 KiB) Viewed 17 times
- Matrix Toy Company Sells Toys And Games To Retail Stores The Firm Offers A Trade Discount Of 40 Percent On Toys And 30 3 (36.69 KiB) Viewed 17 times
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Print ferences Complete this question by entering your answers in the tabs below. Sales Journal General Journal Bombay's Department Store The Game Store Little Annie's Toy Store Prepare a schedule of accounts receivable for August 31. MATRIX TOY COMPANY Schedule of Accounts Receivable. August 31, 20X1 Pinkerton Toy Center Reader's Bookstores Super Game Center Total Ledger Accounts Income Statement S Income Statement Schedule of Acct Rec Analyze Analyze >
Complete this question by entering your answers in the tabs below. Sales Journal General Journal Ledger Accounts Income Statement Schedule of Acct Rec < Schedule of Acct Rec Analyze What is the effect on net sales if the company offers a series of trade discounts on toys (25 pe single 40 percent discount? (Select "NE" if there is no effect.) Effect on net sales Analyze
Matrix Toy Company sells toys and games to retail stores. The firm offers a trade discount of 40 percent on toys and 30 percent on games. Its credit sales and sales returns and allowances transactions for August 20X1 are shown below. The general ledger accounts used to record these transactions are listed below. The balance shown for Accounts Receivable is as of the beginning of August. All customers have n/45 credit terms. GENERAL LEDGER ACCOUNTS 111 Accounts Receivable, $80,700 Dr. 401 Sales. 451 Sales Returns and Allowances DATE TRANSACTIONS August 1 Sold toys to Bombay's Department Store; issued Invoice 1001, which shows a list price of $17,700 and a trade discount of 40 percent. 5 Sold games to Reader's Bookstores; issued Invoice 1002, which shows a list price of $21,900 and a trade discount of 40 percent. 9 Sold games to Super Game Center; issued Invoice 1003, which shows a list price of $7,600 and a trade discount of 40 percent. 14 Sold toys to Little Annie's Toy Store; issued Invoice 1084, which shows a list price of $23,800 and a trade discount of 30 percent. 18 Accepted a return of all the games shipped to Super Game Center because they were damaged in transit; issued Credit Memo 151 for the original sale made on Invoice 1903 on August 9. 22 Sold toys to The Game Store; issued Invoice 1005, which shows a list price of $14,600 and a trade discount of 40 percent. 26 Sold games to Bombay's Department Store; issued Invoice 1006, which shows a list price of $19,000 and a trade discount of 40 percent. 30 Sold toys to Pinkerton Toy Center; issued Invoice 1007, which shows a list price of $22,800 and a trade discount of 40 percent. Bombay's Department Store The Game Store Little Annie's Toy Store Pinkerton Toy Center Reader's Bookstores Super Game Center $26,900 32,900 20,900 Required: 1. Open the general ledger accounts and enter the balance of Accounts Receivable for August 1. 2. Set up an accounts receivable subsidiary ledger Open an account for each of the credit customers listed above and enter the balances as of August 1. Enter n/45 in the blank space after "Terms." This means each customer has 45 days to pay for the merchandise it purchased. 3. Record the transactions in a sales journal and in a general journal. 4. Post the individual entries from the sales journal and the general journal. 5. Total the sales journal as of August 31. 6. Post the column total from the sales journal to the proper general ledger accounts. 7 Prenare the heading and the Revenue section of the firm's income statement for the month ended Aunust 31