Warton Company posts its sales invoices directly and then binds them into a Sales Journal. The company
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July 2 Mary Mack . . . . . . . . . . $ 8,600
8 Eric Horner . . . . . . . . . . . . . 11,100
10 Troy Wilson . . . . . . . . . . . 13,400
14 Hong Jiang . . . . . . . . . . . . 20,500
20 Troy Wilson . . . . . . . . . . . 11,200
29 Mary Mack . . . . . . . . . . . . 7,300
Total credit sales . . . . . . . . . . $ 72,100
Required
1. Open an accounts receivable subsidiary ledger having a T-account for each customer. Post the invoices to the subsidiary ledger.
2. Open an Accounts Receivable controlling T-account and a Sales T-account to reflect general ledger accounts. Post the end-of-month total from the sales journal to these accounts.
3. Prepare a schedule of accounts receivable and prove that its total equals the Accounts Receivable con-trolling account balance.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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