Wallace Contracting recorded the following transactions during November 2020:

Required

1. Open a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Also open an accounts receivable subledger having a T account for each customer. Post the preceding entries to the general ledger accounts and the customer accounts.

2. List the balances of the accounts in the subledger, total the balances, and compare the total with the balance of the Accounts Receivable controlling account.

Transcribed Image Text:

Accounts Receivable-ABC Shop.. 8,500 Nov. 8,500 Sales. Accounts Receivable-Colt Enterprises. Sales". Accounts Receivable-Red McKenzie. 2,600 2,600 1,560 11 Sales*. 1,560 Sales Returns and Allowances". Accounts Receivable-Red McKenzie. Accounts Receivable-ABC Shop.. 19 214 214 4,980 28 4,980 Sales