T-Shirt Trends, a retail merchandising store, uses special journals for recording its business transactions. On May 1, the store had the following balances in its general ledger and accounts receivable subsidiary ledger accounts. 

Instructions

On the forms provided in your working papers:

1. Open the accounts and enter beginning balances in T-Shirt Trends’ general ledger.

2. Open the customer accounts in the accounts receivable subsidiary ledger and record the beginning balances.

3. Record the following transactions in the sales journal (page 9), the cash receipts journal (page 10), and the general journal (page 2).

4. Post to the customer accounts daily from the journals.

5. Post the entries in the General Credit column of the cash receipts journal daily.

6. Post general journal entries daily.

7. Foot, prove, total, and rule the sales and cash receipts journals.

8. Post the column totals from the special journals.

9. Prepare a schedule of accounts receivable.

Transcribed Image Text:

General Ledger 101 Cash in Bank 115 Accounts Receivable 135 Supplies 215 Sales Tax Payable 401 Sales 405 Sales Discounts 410 Sales Returns and Allowances Accounts Receivable Subsidiary Ledger HAL Hal's Fitness Studios HIO Dave Hioki MOR Gabriela Morales ROU Roundabout Fashions SAM Samstead Fashions SAN Sandpiper Sports Club WIL Virginia Williams $ 4,700 7,250 300 600 40,000 1,500 500 $ 1,500 200 100 2,000 2,500 900 50