1. Open the general ledger accounts and accounts receivable ledger accounts indicated below. Enter the balances as...
Question:
1. Open the general ledger accounts and accounts receivable ledger accounts indicated below.
Enter the balances as of May 1, 2019.
2. Post the entries from the general journal in Problem 7.4B to the appropriate accounts in the general ledger and in the accounts receivable ledger.
3. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable control account with the total of the schedule.
GENERAL LEDGER ACCOUNTS
101 Cash, $25,800 Dr. 451 Sales Returns and Allowances
111 Accounts Receivable, $4,100 Dr. 452 Sales Discounts
401 Sales
ACCOUNTS RECEIVABLE LEDGER ACCOUNTS
.png)
Analyze: What were total sales on account in May, prior to any returns, allowances, or discounts?
Accounts ReceivableAccounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Step by Step Answer:
GENERAL LEDGER ACCOUNT Cash ACCOUNT NO 101 DATE DESCRIPTION Post Ref DEBIT CREDIT BALANCE DEBIT CREDIT 2019 May 1 Balance 25 8 0 0 00 4 J12 1 1 7 6 00 26 9 7 6 00 6 J12 9 2 5 00 27 9 0 1 00 7 J12 2 5 ...View the full answer
College Accounting A Contemporary Approach
ISBN: 978-0077639730
4th edition
Authors: David Haddock, John Price, Michael Farina
