Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts

Question:

Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Nero Enterprises, which had a $530 beginning balance. In addition, there were no collections during the period.

a. Set up a T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger.

b. Post to the T accounts.

c. Determine the balance in the accounts.

d. Prepare a listing of the accounts receivable subsidiary ledger account balances as of June 30, 2012.

Data From Exercise 5-1,

Using the following revenue journal for Gamma Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts.

REVENUE JOURNAL Post. Ref. Invoice No. Accounts Rec. Dr Fees Earned Cr. Account Debited Date 2012 June 1 10 Hazmat Safet

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...