Journals, subsidiary ledgers and control accounts Cavuilati and Companys Accounts Receivable control account in the general ledger
Question:
Journals, subsidiary ledgers and control accounts Cavuilati and Company’s Accounts Receivable control account in the general ledger on 1 March was \($12\) 090. The subsidiary ledger contained the following accounts receivable accounts and balances at the same date: Dimou \($1590,\) Fennell \($2910,\) Grindrod \($2270,\) Oxenbridge \($5320.\) At 31 March, a summary of entries made in the journals shown were as follows.
• General journal: Oxenbridge returned goods for a credit of \($120\).
• Sales journal: Recorded credit sales were — Oxenbridge \($880,\) Dimou \($1490,\) Ness \($1140,\) Grindrod \($1210\).
• Cash receipts journal: Cash amounts received from accounts receivable were (no discounts were allowed) — Oxenbridge \($2540,\) Ness \($450,\) Grindrod \($1440,\) Fennell \($1990,\) Dimou \($1370\).
Required
(a) Enter the opening balances of the control account and subsidiary ledger accounts and post the March entries and totals in the three journals to the accounts (ignore GST).
(b) Prepare a schedule of accounts receivable at 31 March and reconcile the total with the control account in the general ledger.
Step by Step Answer:
Accounting
ISBN: 9780730382737
11th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie