Wallace Contracting recorded the following transactions during November 2023:

*Cost of goods sold (or COGS) has been ignored for the purpose of maintaining focus on accounts receivable.

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:

Nov. 3 Accounts Receivable-ABC Shop..... Sales*........ 8 Accounts Receivable-Colt Enterprises..... Sales*...... 11 Accounts Receivable-Red McKenzie.. Sales*...... 19 Sales Returns and Allowances*... Accounts Receivable-Red McKenzie.. 28 Accounts Receivable-ABC Shop.... Sales*......... 8,500 2,600 1,560 214 4,980 8,500 2,600 1,560 214 4,980