Chapter Ten
The Sales Journal
and the Purchases
Journal
Performance Objectives
1. Describe the specific accounts used
by a merchandising firm
2. Journalize transactions in a sales
journal
3. Post sales journal transactions to an
accounts receivable ledger and a
general ledger
4. Prepare a schedule of accounts
receivable
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 2
Performance Objectives
5. Journalize sales returns and allowances,
including credit memorandums and returns
involving sales tax, in a general journal, and
post to the accounts receivable ledger and
general ledger
6. Journalize transactions in a three-column
purchases journal
7. Post purchases journal transactions to an
accounts payable ledger and a general
ledger
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 3
Performance Objectives
8. Prepare a schedule of accounts
payable
9. Journalize transactions involving
purchases returns and allowances in a
general journal, and post to the
accounts payable ledger and general
ledger
10. Describe the procedures for handling
freight charges on merchandise and
other goods
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 4
Special Journals
• Books of original entry in which
specialized types of repetitive
transactions are recorded
– Sales journal
– Purchases journal
– Cash receipts journal
– Cash payments journal
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 5
Performance Objective 1
Describe the specific accounts used by
a merchandising firm
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10 - 6
Merchandising Accounts
Assets
CR
Liabilities
+
DR
CR
Merchandise
Inventory
+
DR
CR
Sales Tax
Payable
+
DR
CR
+
DR
=
+
Owner's Equity
+
DR
CR
Contra
Accounts
+
Revenues
+
DR
CR
Sales
DR
+
CR
-
Expenses
+
DR
CR
Purchases
+
DR
CR
Sales Returns
and Allowances
+
DR
CR
Purchases Returns
and Allowances
+
DR
CR
Sales Discount
+
DR
CR
Purchases
Discounts
+
DR
CR
Freight In
+
DR
CR
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 7
Merchandise Inventory
• A stock of goods (an asset account) that
a company buys and intends to resell, in
the same physical condition, at a profit
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10 - 8
Sales Tax
• A tax levied by a state or city
government on the retail sale of goods
and services
• Paid by the consumer but collected by
the retailer
• Collection of tax recorded in Sales Tax
Payable account
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10 - 9
Sales Account
• A revenue account for recording the
sale of merchandise
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10 - 10
Sales Returns and Allowances Account
• The account a seller uses to record the
physical return of merchandise by
customers or a reduction in a bill
because merchandise was damaged
• Treated as a deduction from sales
• Usually evidenced by a credit
memorandum issued by the seller
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10 - 11
Sales Discount Account
• An account that records a deduction
from the original price, granted by the
seller to the buyer for the prompt
payment of an invoice
• Sales discount is treated as a deduction
from sales
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 12
Purchases Account
• An account for recording the cost of
merchandise acquired for resale
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 13
Purchases Returns and Allowances Account
• An account that records a company’s
return of merchandise it has purchased
or a reduction in the bill because of
damaged merchandise
• Treated as a deduction from Purchases
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10 - 14
Purchases Discount Account
• An account that records cash discounts
granted by suppliers in return for prompt
payment
• Treated as a deduction from Purchases
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10 - 15
Freight In Account
• The account used to record
transportation charges on incoming
merchandise intended for resale
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10 - 16
Invoices
• Business forms prepared by the seller
that list the items shipped, their cost, the
terms of the sale, and the mode of
shipment
• May state freight charges
• Issued by seller
• Source document that serves as
evidence for recording the transaction
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10 - 17
Invoices—Whose Point of View?
• Seller’s point of view:
– Sales invoice
– Shows increase in sales revenue
• Buyer’s point of view:
– Purchases invoice
– Shows increase in purchases
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10 - 18
Customers and Vendors
• People or businesses we buy from are
called:
– Suppliers
– Creditors
– Vendors
• People or businesses who buy from us
are called:
– Customers
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10 - 19
Invoices
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10 - 20
Invoices
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 21
Performance Objective 2
Journalize transactions in a sales
journal
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10 - 22
Sales Journal
• A special journal for recording the sale
of merchandise on account only
• Abbreviated S in Post. Ref. column of
ledgers
• DR = CR for every line
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10 - 23
Columns in the Sales Journal
•
•
•
•
•
•
•
Date
Invoice Number
Customer’s Name
Post. Ref.
Accounts Receivable Debit
Sales Tax Payable Credit
Sales Credit
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 24
Transactions in a Sales Journal with More
Than One Column
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10 - 25
Performance Objective 3
Post sales journal transactions to an
accounts receivable ledger and a
general ledger
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10 - 26
Some Definitions
• Controlling account
– An account in the general ledger that summarizes
the balances of a subsidiary ledger
• Accounts Receivable
– A controlling account in the general ledger
• Subsidiary ledger
– A group of accounts representing individual
subdivisions of a controlling account
• Accounts receivable ledger
– A subsidiary ledger that lists the individual
accounts of charge customers in either
alphabetical or numerical order
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10 - 27
Posting to the General Ledger
1. Draw a single line below the amount
columns to indicate the last date in the
period
2. Draw double lines below the Date column,
Post. Ref. column, and column totals
3. Check that DR = CR
4. Post each column total as a summarizing
entry to general ledger at the end of the
period
5. After posting, write account numbers in
parentheses below column totals
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10 - 28
Posting to the Accounts Receivable Ledger
1. Post amount to customer’s account in
the accounts receivable subsidiary
ledger after recording each transaction
2. After posting, place check mark in the
sales journal Post. Ref. column next to
the customer's name
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10 - 29
Post Sales Journal Transactions to an Accounts
Receivable Ledger and a General Ledger
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 30
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 31
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 32
Accounts Receivable Ledger: An Example
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 33
Performance Objective 4
Prepare a schedule of accounts
receivable
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10 - 34
A Schedule of Accounts Receivable
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 35
Performance Objective 5
Journalize sales returns and
allowances, including credit
memorandums and returns involving
sales tax, in a general journal, and post
to the accounts receivable ledger and
general ledger
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 36
Credit Memorandum
• A written statement indicating a seller’s
willingness to reduce the amount of a
buyer’s debt
• Seller records the amount of the credit
memorandum in the Sales Returns and
Allowances account
• Buyer records the amount of the credit
memorandum in the Purchases Returns
and Allowances account
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10 - 37
Credit Memorandum
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10 - 38
Journalize Sales Returns and Allowances in
General Journal
• Journal entry
– Credit Accounts Receivable
– Debit Sales Returns and Allowances
• Why a credit memorandum?
– Credit is from the seller’s point of view
– Seller credits the buyer’s account
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 39
General Journal Entry for Sales Returns
and Allowances
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10 - 40
Post Sales Returns and Allowances
• Post once to:
– Sales Returns and Allowances account
• Post twice to Account Receivable accounts:
– Accounts Receivable account in the general
ledger
• Use account number 113 for posting reference
– Customer’s individual account in the accounts
receivable subsidiary ledger
• Use √ for posting reference
• After posting, Post. Ref. column in the
general journal shows 113/√
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 41
Post to Sales Returns and Allowances
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 42
Post to Accounts Receivable
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 43
Sales Returns Involving Sales Tax
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 44
Purchase Requisition
• A form used to request that the
Purchasing Department buy something
• Intended for internal use within a
company
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 45
Purchase Requisition
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 46
Purchase Order
• A written order from the buyer of goods
to the supplier, listing the items wanted
and the terms of the transaction
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 47
Purchase Order
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 48
Purchase Invoice
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 49
Purchases Journal
• A special journal used to record the
buying of goods on account
• Used to record the purchase of
merchandise only
• Debits must equal credits on each line
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 50
Purchases Journal
• The flip side of the sales journal
• Point of view
– The company selling uses the sales journal
– The company buying uses the purchase
journal
– Companies use both!
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 51
Performance Objective 6
Journalize transactions in a threecolumn purchases journal
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 52
Columns in a Three-Column Purchases
Journal
•
•
•
•
•
Date
Supplier’s Name
Invoice Number
Invoice Date
Terms
Copyright © Houghton Mifflin Company. All rights reserved.
• Post. Ref.
• Accounts Payable
Credit
• Freight In Debit
• Purchases Debit
10 - 53
Entries in a Three-Column Purchases
Journal
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 54
Performance Objective 7
Post purchases journal transactions to
an accounts payable ledger and a
general ledger
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 55
Some Definitions
• Accounts payable ledger
– A subsidiary ledger that lists the individual
accounts of creditors in either alphabetical
or numerical order
• Accounts Payable
– A controlling account in the general ledger
– Account to which the accounts payable
total from the purchases journal is posted
at the end of the period
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 56
Posting Transactions to the General Ledger
at the End of the Period
• Draw a single line below the last amounts in the
period
• Draw double lines below period’s ending date and
totals
• Crossfoot
– Does Accounts Payable column equal sum of all debits?
– Use horizontal and vertical addition to prove DR = CR
• Post all totals to general ledger
• After posting, place account numbers in parentheses
below column totals in purchases journal
• P in the Post. Ref. column of the ledger account
designates the purchases journal
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10 - 57
Posting Transactions to the Accounts
Payable Ledger
• Post amount to supplier’s account each
time you record a business transaction
• After posting, place check mark in the
purchases journal Post. Ref. column
• P in the Post. Ref. column of the ledger
account designates the purchases
journal
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 58
Post Transactions from a Purchases
Journal: An Example
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 59
Post Transactions to an Accounts Payable
Ledger: An Example
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 60
Performance Objective 8
Prepare a schedule of accounts payable
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 61
Prepare a Schedule of Accounts Payable
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 62
Performance Objective 9
Journalize transactions involving
purchases returns and allowances in a
general journal, and post to the
accounts payable ledger and general
ledger
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 63
Purchases Returns and Allowances
• Journalize transactions involving
purchases returns and allowances in
the general journal
• Post to:
– Accounts payable subsidiary ledger
– Accounts Payable general ledger account
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 64
Journalize and Post a Purchase Return
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 65
Journalize and
Post a Purchase
Return
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 66
Performance Objective 10
Describe the procedures for handling
freight charges on merchandise and
other goods
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 67
Accounts Used to Record Freight Charges
on Merchandise and Other Goods
• Debit Freight In for transportation charges on
incoming merchandise intended for resale
• Debit Delivery Expense for transportation
charges on merchandise sold and being
delivered to customers
• Debit asset accounts for freight costs that
apply to assets purchased
– For example, $300 freight on a large freezer for a
restaurant would be debited to that freezer
account
– Part of the cost of that asset
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 68
FOB Destination
• Shipping terms under which the seller
pays the freight charges and includes
them in the selling price
• Title or ownership changes hands when
the buyer receives the goods
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 69
FOB Shipping Point
• Shipping terms under which the buyer
pays the freight charges between the
point of shipment and the destination
• Payment may be made directly to the
carrier upon receiving the goods or to
the supplier if the supplier prepaid the
freight charge on behalf of the buyer
• Title or ownership changes hands when
goods are transferred to the freight
company
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 70
Internal Control
• Plans and procedures built into the
accounting system with the following
objectives:
– To protect assets against fraud and waste
– To provide accurate accounting data
– To promote an efficient operation
– To encourage adherence to management
policies
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 71
Demonstration Problem
• Journalize and post one transaction in
the sales journal
• Look at a schedule of accounts
receivable
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 72
Transaction on One Line
Sales Journal
Inv.
No.
Date
Customer's Name
1 2002
2 July
1 788 Denise Hogan
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
31
Copyright © Houghton Mifflin Company. All rights reserved.
Page 32
Sales Tax 8.00%
Accounts Sales Tax
Post. Receivable Payable
Ref.
Debit
Credit
1,438.83
106.58
1,438.83
106.58
Sales
Credit
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
1,332.25 22
1,332.25
10 - 73
Post to Subsidiary Ledger
Name
Address
Date
2005
July
1
Denise Hogan
322 West James, Apartment A9
Whalen, WA 98671
Item
Post.
Ref.
Debit
Credit
S 32 1,438.83
1,438.83
Total Owed:
Copyright © Houghton Mifflin Company. All rights reserved.
Balance
1,438.83
10 - 74
Place Post. Ref. in Journal!
Sales Journal
Inv.
Date
No.
Customer's Name
1 2005
2 July
1 788 Denise Hogan
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
31
Copyright © Houghton Mifflin Company. All rights reserved.
Page 32
Sales Tax 8.00%
Accounts Sales Tax
Post. Receivable Payable
Ref.
Debit
Credit
√
1,438.83
106.58
1,438.83
106.58
Sales
Credit
1
1,332.25 2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
1,332.25 22
10 - 75
Total at End of Period and Post Totals
Sales Journal
Date
1 2005
2 July
1
3
6
4
8
5
9
6
14
7
17
8
23
9
23
10
24
11
31
12
13
14
15
16
17
18
19
20
21
22
31
Inv.
No.
788
789
790
791
792
793
794
795
796
797
Customer's Name
Denise Hogan
The River Riders
Chris Turk
Riverside Rentals
Kent Recreation Department
Maple Van Auken
River Tours, Inc
Vickie and Larry Currie
Sundowner Tours
Kathy Walker
Page 32
Sales Tax 8.00%
Accounts Sales Tax
Post. Receivable Payable
Ref.
Debit
Credit
√
√
√
√
√
√
√
√
√
√
106.58
Sales
Credit
1,438.83
978.75
4,590.00
15,721.00
21,038.40
3,980.34
7,038.00
842.08
6,144.00
398.90
1,558.40
294.84
29.55
1,332.25
978.75
4,250.00
15,721.00
19,480.00
3,685.50
7,038.00
779.70
6,144.00
369.35
62,170.30
2,391.75
59,778.55
340.00
62.38
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
Post
Copyright © Houghton Mifflin Company. All rights reserved.
10 - 76
Post Accounts Receivable
General Ledger
Account
Date
2005
July
Accounts Receivable
Item
1 Balance
10
21
31
Account No.
Post.
Ref.
√
J 168
J 168
S 32
Copyright © Houghton Mifflin Company. All rights reserved.
Debit
65,458.04
62,170.30
Credit
114
Balance
Debit
Credit
65,458.04
23.25 65,434.79
108.00 65,326.79
127,497.09
10 - 77
Post. Ref. = 114
Sales Journal
Date
1 2005
2 July
1
3
6
4
8
5
9
6
14
7
17
8
23
9
23
10
24
11
31
12
13
14
15
16
17
18
19
20
21
31
Inv.
No.
788
789
790
791
792
793
794
795
796
797
Customer's Name
Denise Hogan
The River Riders
Chris Turk
Riverside Rentals
Kent Recreation Department
Maple Van Auken
River Tours, Inc
Vickie and Larry Currie
Sundowner Tours
Kathy Walker
Copyright © Houghton Mifflin Company. All rights reserved.
Page 32
Sales Tax 8.00%
Accounts Sales Tax
Post. Receivable Payable
Ref.
Debit
Credit
√
√
√
√
√
√
√
√
√
√
1,438.83
978.75
4,590.00
15,721.00
21,038.40
3,980.34
7,038.00
842.08
6,144.00
398.90
62,170.30
( 114 )
106.58
Sales
Credit
29.55
1,332.25
978.75
4,250.00
15,721.00
19,480.00
3,685.50
7,038.00
779.70
6,144.00
369.35
2,391.75
59,778.55
340.00
1,558.40
294.84
62.38
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Post
10 - 78
Post Sales Tax Payable
General Ledger
Account
Date
2005
July
Sales Tax Payable
Item
1 Balance
14
21
31
Account No
Post.
Ref.
√
CP 41
J 168
S 32
Debit
Balance
Debit
Credit
Credit
3,085.19
3,085.19
8.00
Copyright © Houghton Mifflin Company. All rights reserved.
213
3,085.19
0.00
8.00
2,391.75
2,383.75
10 - 79
Post. Ref. = 213
Sales Journal
Inv.
No.
Date
Customer's Name
1 2005
2 July
1 788 Denise Hogan
3
6 789 The River Riders
4
8 790 Chris Turk
5
9 791 Riverside Rentals
6
14 792 Kent Recreation Department
7
17 793 Maple Van Auken
8
23 794 River Tours, Inc
9
23 795 Vickie and Larry Currie
10
24 796 Sundowner Tours
11
31 797 Kathy Walker
12
13
14
15
16
17
18
19
20
21
22
31
23
Copyright © Houghton Mifflin Company. All rights reserved.
Page 32
Sales Tax 8.00%
Accounts Sales Tax
Post. Receivable Payable
Ref.
Debit
Credit
√
√
√
√
√
√
√
√
√
√
1,438.83
978.75
4,590.00
15,721.00
21,038.40
3,980.34
7,038.00
842.08
6,144.00
398.90
106.58
1,558.40
294.84
62,170.30
( 114 )
2,391.75
( 213 )
340.00
62.38
29.55
Sales
Credit
1,332.25
978.75
4,250.00
15,721.00
19,480.00
3,685.50
7,038.00
779.70
6,144.00
369.35
59,778.55
Post
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
10 - 80
Post Sales
General Ledger
Account
Sales
Account No
Post.
Ref.
Date
2005
July 31
Item
Debit
S 32
Copyright © Houghton Mifflin Company. All rights reserved.
Credit
59,778.55
411
Balance
Debit
Credit
59,778.55
10 - 81
Post. Ref. = 411
Sales Journal
Date
1 2005
2 July
1
3
6
4
8
5
9
6
14
7
17
8
23
9
23
10
24
11
31
12
13
14
15
16
17
18
19
20
21
22
31
23
Inv.
No.
788
789
790
791
792
793
794
795
796
797
Customer's Name
Denise Hogan
The River Riders
Chris Turk
Riverside Rentals
Kent Recreation Department
Maple Van Auken
River Tours, Inc
Vickie and Larry Currie
Sundowner Tours
Kathy Walker
Copyright © Houghton Mifflin Company. All rights reserved.
Page 32
Sales Tax 8.00%
Accounts Sales Tax
Post Receivable Payable
Ref
Debit
Credit
√
√
√
√
√
√
√
√
√
√
1,438.83
978.75
4,590.00
15,721.00
21,038.40
3,980.34
7,038.00
842.08
6,144.00
398.90
106.58
1,558.40
294.84
62,170.30
( 114 )
2,391.75
( 213 )
340.00
62.38
29.55
Sales
Credit
1,332.25
978.75
4,250.00
15,721.00
19,480.00
3,685.50
7,038.00
779.70
6,144.00
369.35
59,778.55
( 411 )
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
10 - 82
Sales Journal
Inv.
No.
Date
Customer's Name
1 2005
2 July
1 788 Denise Hogan
3
6 789 The River Riders
4
8 790 Chris Turk
5
9 791 Riverside Rentals
6
14 792 Kent Recreation Department
7
17 793 Maple Van Auken
8
23 794 River Tours, Inc
9
23 795 Vickie and Larry Currie
10
24 796 Sundowner Tours
11
31 797 Kathy Walker
12
13
14
15
16
17
18
19
20
21
22
31
23
Prove DR = CR
Copyright © Houghton Mifflin Company. All rights reserved.
Page 32
Accounts Sales Tax
Post. Receivable Payable
Ref.
Debit
Credit
√
√
√
√
√
√
√
√
√
√
1,438.83
978.75
4,590.00
15,721.00
21,038.40
3,980.34
7,038.00
842.08
6,144.00
398.90
106.58
1,558.40
294.84
62,170.30
(114 )
DR
62,170.30
2,391.75
(213 )
=
Yes
340.00
62.38
29.55
Sales
Credit
1,332.25
978.75
4,250.00
15,721.00
19,480.00
3,685.50
7,038.00
779.70
6,144.00
369.35
59,778.55
( 411 )
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
CR
62,170.30
10 - 83
At the End of the Period, Track What
Customers Owe You
Dean's Kayaks
Schedule of Accounts Receivable
July 31, 2005
Vickie and Larry Currie
$
842.08
Denise Hogan
1,438.83
Kent Recreation Department
21,038.40
Chris Turk
4,590.00
Maple Van Auken
3,980.34
Kathy Walker
398.90
The River Riders
978.75
Riverside Rentals
15,721.00
River Tours
7,038.00
Sundowner Tours
6,144.00
Total Accounts Receivable
Copyright © Houghton Mifflin Company. All rights reserved.
$ 62,170.30
10 - 84