Record the necessary journal entry for each transaction, and post to both the General Ledger Accounts Receivable
Question:
Record the necessary journal entry for each transaction, and post to both the General Ledger Accounts Receivable account, and the Accounts Receivable Subsidiary Ledger accounts. Then determine all applicable Accounts Receivable balances.
1.On Feb. 4, PaleTech Company is billed $3,000 for services performed on account.
2.On Feb. 5, Fernandez Corp. is billed $4,900 for services performed on account.
3.On Feb. 14, Fernandez Corp. pays the entire $4,900 that is owed from the Feb. 5 invoice (bill).
4.On Feb. 23, MoonSite Corporation is billed $2,500 for services provided on account.
5.On Feb. 24, MoonSite Corporation pays $1,000 in partial payment of the Feb. 23 invoice.
6.Determine the ending balances for the Accounts Receivable control account, and for each of the three Accounts Receivable subsidiary accounts.
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak