8. C. Walton sold inventory on 1 August to M. Jones for $990 (including $90 GST). On 20 August, Jones paid Walton in full settlement. On 31 August, the bank advised the cheque from Jones had been dishonoured. Required: a. Record Jones's receipt of the cheque, and its dishonour, in the General Journal. General Journal of C Walton Debit Date Particulars Credit b. Show Jones's account in the ledger to 31 August. Accounts Receivable – M Jones Debit Date Details Folio Credit Balance

8. C. Walton sold inventory on 1 August to M. Jones for $990 (including $90 GST). On 20 August, Jones paid Walton in full settlement. On 31 August, the bank advised the cheque from Jones had been dishonoured. Required: a. Record Jones's receipt of the cheque, and its dishonour, in the General Journal. General Journal of C Walton Debit Date Particulars Credit b. Show Jones's account in the ledger to 31 August. Accounts Receivable – M Jones Debit Date Details Folio Credit Balance

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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