At the end of May, the sales journal of Clear View appears as follows.

Clear View also recorded the return of defective merchandise with the following entry.

Required
1. Open an accounts receivable subsidiary ledger that has a T-account for each customer listed in the sales journal. Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer’s account.
2. Open a general ledger that has T-accounts for Accounts Receivable, Inventory, Sales, Sales Returns and Allowances, and Cost of Goods Sold. Post the sales journal and any portion of the general journal entry that affects these accounts.
3. Prepare a schedule of accounts receivable and prove that its total equals the balance in the Accounts Receivable controllingaccount.

Transcribed Image Text:

ales Journal Account Invoice Accounts Receivable Dr. Cost of Goods Sold Dr. Date DebitedNumber PR Aaron Reckers Anna Page Totals Sales Cr. 2,880 1,940 850 340 6.010 Inventory Cr. 2,200 1,600 500 200 4,500 May 6 190 191 192 193 10 Sara Reed 17 25 Sara Reed 31 May 20 Sales Returns and Allowances 250 250 Customer returned (worthless) merchandise.