Review your results from Short Exercise SC 6 Requirements 1 Total each column
Review your results from Short Exercise SC-6.
Requirements
1. Total each column of the cash receipts journal.
2. Open the following four-column accounts in the accounts receivable subsidiary ledger: Accounts Receivable—Dexter, Bal. $5,475; Accounts Receivable—Nord, Bal. $1,100. Post the transactions to the accounts receivable subsidiary ledger.
3. Open the following selected four-column accounts in the general ledger: Cash (111), Bal. $5,000; Accounts Receivable (112), Bal. $6,575; Merchandise Inventory (118), Bal. $3,000; Sales Revenue (411), Bal. $23,000; Sales Discounts (412); Interest Revenue (419); Cost of Goods Sold (511), Bal. $13,800. Post the total of each column to the general ledger. Also, post the Other Accounts to the general ledger.
4. Balance the total of the customer balances in the accounts receivable subsidiary ledger against Accounts Receivable in the general ledger.
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