Belt Company’s chart of accounts includes the following selected accounts.
101 Cash
112 Accounts Receivable
120 Inventory
301 Owner’s Capital
401 Sales Revenue
414 Sales Discounts
505 Cost of Goods Sold
On June 1, the accounts receivable ledger of Belt Company showed the following balances: Suppan & Son $3,000, Guthrie Co. $2,800, Quentin Bros. $2,400 and Hinshaw Co. $2,000.
The June transactions involving the receipt of cash were as follows.
June 1 The owner, Jim Belt, invested additional cash in the business $15,000.
3 Received check in full from Hinshaw Co. less 2% cash discount.
6 Received check in full from Guthrie Co. less 2% cash discount.
7 Made cash sales of merchandise totaling $8,700. The cost of the merchandise sold was $5,000.
9 Received check in full from Suppan & Son less 2% cash discount.
11 Received cash refund from a supplier for damaged merchandise $450.
15 Made cash sales of merchandise totaling $6,500. The cost of the merchandise sold was $4,000.
20 Received check in full from Quentin Bros. $2,400.

Instructions
(a) Journalize the transactions above in a six-column cash receipts journal with columns for Cash Dr., Sales Discounts Dr., Accounts Receivable Cr., Sales Revenue Cr., Other Accounts Cr., and Cost of Goods Sold Dr./Inventory Cr. Foot and cross-foot the journal.
(b) Insert the beginning balances in the Accounts Receivable control and subsidiary accounts, and post the June transactions to these accounts.
(c) Prove the agreement of the control account and subsidiary account balances.