Exercise 7-12 Posting to subsidiary ledger accounts; preparing a schedule of accounts receivable P1 At the end of May, the sales journal of Mountain View appears as follows. Sales Journal Pano 2 Date Account Debited Invoice Number PR Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr Inventory Cr. May 6 Aaron Reckers 190 3,880 3,120 2727 10 Sara Reed 191 p. 256 2,940 2,325 17 Anna Page 192 1,850 1.480 25 31 Sara Reed Totals 193 1,340 1,075 10,010 8,000 Mountain View also recorded an allowance (price reduction) given to Anna Page with the following entry. May 20 Sales Returns and Allowances...... 350 Accounts Receivable-Anna Page 350 Record allowance to customer. Required 1. Open an accounts receivable subsidiary ledger that has a T-account for each customer listed in the sales journal. Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account. 2. Open a general ledger that has T-accounts for Accounts Receivable, Inventory, Sales, Sales Returns and Allowances, and Cost of Goods Sold. May's beginning balance of inventory was $20,000. Post the sales journal and any portion of the general journal entry that affects these accounts. 3. Prepare a schedule of accounts receivable and prove (confirm) that its total equals the balance in the Accounts Receivable controlling account. Check (3) Ending Accounts Receivable, $9,660