1. Open the general ledger accounts and accounts receivable ledger accounts shown below. Enter the balances as...
Question:
1. Open the general ledger accounts and accounts receivable ledger accounts shown below. Enter the balances as of April 1, 20X1.
2. Post the entries from the general journal in Problem 7.4A to the appropriate accounts in the general ledger and in the accounts receivable ledger.
3. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable control account with the total of the schedule.
Data from in Problem 7.4A
Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm during April 20X1 follow. The firm sells its merchandise for cash and on open account. During April, Incredible Sounds engaged in the following transactions:
GENERAL LEDGER ACCOUNTS
ACCOUNTS RECEIVABLE LEDGER ACCOUNTS
Analyze:
What were the total sales on account in April, prior to any returns, allowances, or discounts?
Step by Step Answer:
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina