Question

Warton Company posts its sales invoices directly and then binds them into a Sales Journal. The company had the following credit sales to these customers during July.
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.



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  • CreatedNovember 26, 2013
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