Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts
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Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Jordan Inc., which had a $1,080 beginning balance. In addition, there were no collections during the period.
a. Set up a T account for Accounts Receivable 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 customer balances as of May 31, 20Y3.d. Prepare a listing of the accounts receivable customer balances as of May 31, 20Y3.
Exercise 5-1
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Related Book For
Financial Accounting
ISBN: 9781337913102
16th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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