Winslow Company posts its sales invoices directly and then binds them into a Sales Journal. Winslow had

Question:

Winslow Company posts its sales invoices directly and then binds them into a Sales Journal. Winslow had the following credit sales to these customers during June.

Required
1. Open an accounts receivable subsidiary ledger having a T-account for each customer. Post the invoices to the subsidiary ledger.
2. Open an Accounts Receivable controlling T-account and a Sales T-account to reflect general ledger accounts. Post the end-of-month total from the sales journal to these accounts.
3. Prepare a schedule of accounts receivable and prove that its total equals the Accounts Receivable controlling accountbalance.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...