Relating sales and cash receipts to the subsidiary ledger Model Trains Enthusiasts Shops sales and cash receipts
Question:
Relating sales and cash receipts to the subsidiary ledger Model Trains Enthusiasts Shop’s sales and cash receipts journals for the month of April are presented below. The accounts receivable subsidiary ledger is reconciled with the general ledger account each month. On 1 April, the subsidiary ledger had four accounts: A. Tilden — \($230;\) L. Tran — \($320;\) N. Summers — \($430;\) T. Schmidt — \($450\).
Required
(a) Establish a T account for each customer’s account in the subsidiary ledger and an Accounts Receivable Control account. Post the amounts to the accounts receivable subsidiary ledger and the general ledger using the information in the journals shown.
(b) Prepare a schedule of the accounts in the subsidiary ledger and compare its total to the balance in the control account.
Step by Step Answer:
Accounting
ISBN: 9780730382737
11th Edition
Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie