Exercise 7-12 (Algo) Posting to subsidiaryledger accounts; preparing a schedule ofaccounts receivable LO P1At the end of May, the sales journal ofMountain View appears as follows. Assumebeginning inventory balance for May to be$7,398.Date:May 6May 10May 17May 25May 31Account DebitedAaron ReckersSara ReedAnna Page.Sara ReedTotalsDateMay 20Sales JournalInvoiceNumber PR190191192193AccountsReceivable DebitSales Credit2,4701,5306812724,953General JournalSales Returns and AllowancesAccounts Receivable-Anna PageRecord allowance to customer.Page 2Cost of GoodsSold DebitInventory Credit1,8771,262Mountain View also recorded an allowance(price reduction) given to Anna Page with thefollowing entry.4001603,699Debit200Credit200Required:1. Post to the customer accounts the entries inthe sales journal and any portion of thegeneral journal entry that affects a customer'saccount.2. Post the sales journal and any portion of thegeneral journal entry that affects theseaccounts.3a. Prepare a schedule of accountsreceivable.3b. Prove (confirm) that its total equals thebalance in the accounts receivable controllingaccount.

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At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $7,398. Date May 6 May 10 May 17 May 25 May 31 Account Debited Aaron Reckers Sara Reed Anna Page Sara Reed Totals Date May 20 Sales Journal Invoice Number PR 190 191 192 193 Accounts Receivable Debit Sales Credit 2,470 1,530 681 272 4,953 Page 2 Cost of Goods Sold Debit Inventory Credit Mountain View also recorded an allowance (price reduction) given to Anna Page with the following entry. General Journal Sales Returns and Allowances Accounts Receivable-Anna Page Record allowance to customer. 1,877 1,262 400 160 3,699 Debit Credit 200 200 Required: 1. 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. Post the sales journal and any portion of the general journal entry that affects these accounts. unts

At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $7,398. Date May 6 May 10 May 17 May 25 May 31 Account Debited Aaron Reckers Sara Reed Anna Page Sara Reed Totals Date May 20 Sales Journal Invoice Number PR 190 191 192 193 Accounts Receivable Debit Sales Credit 2,470 1,530 681 272 4,953 Page 2 Cost of Goods Sold Debit Inventory Credit Mountain View also recorded an allowance (price reduction) given to Anna Page with the following entry. General Journal Sales Returns and Allowances Accounts Receivable-Anna Page Record allowance to customer. 1,877 1,262 400 160 3,699 Debit Credit 200 200 Required: 1. 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. Post the sales journal and any portion of the general journal entry that affects these accounts. unts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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