DATEITEMPOST. REF.DEBITCREDITBALANCE20--Aug.3J11,300.001,300.008J1110.001,190.00NAMEM. ChangADDRESS1422 SW Pacific, Chicago, IL 60603-8596DATEITEMPOST. REF.DEBITCREDITBALANCE20--Aug.J12,180.002,180.0011J22,180.000.00B. J. Hinschliff & Co.NAME133 College Blvd., Des Plaines, IL 60611-ADDRESS24431ITEMPOST. REF.BALANCEDATEDEBITCREDIT20--Aug. 15J21,050.001,050.0021J3392.001,442.00Sally M. PittsNAMEADDRESS 213 East 29th Place, Chicago, IL 60601-6287DATEITEMPOST. REF.DEBITCREDITBALANCE20--Aug. 21J3807.00807.00NAMETrendsetters, Inc.ADDRESS 29 Industrial Way, Chicago, IL 60600-5918DATEITEMPOST. REF.DEBITCREDITBALANCE20--Aug.28J41,039.001,039.00Pheng Co.Schedule of AccountsReceivableAugust 31, 20--Total Schedule of Accounts ReceivableFrom the accounts receivable ledger shown, prepare a schedule of accounts receivable for PhengCo. as of August 31, 20--.ACCOUNTS RECEIVABLE LEDGERB & G DistributorsNAME2628 Burlington Avenue, Chicago, IL 60604-ADDRESS1329DATEBALANCEITEMPOST. REF.DEBITCREDIT20--Aug.J11,300.001,300.008J1110.001,190.00M. ChangNAMEADDRESS 1422 SW Pacific, Chicago, IL 60603-8596DATEITEMPOST. REF.DEBITCREDITBALANCE20--Aug.5J12,180.002,180.0011J22,180.000.00B. J. Hinschliff & Co.NAME133 College Blvd., Des Plaines, IL 60611-ADDRESS4431DATEPOST. REF.ITEMDEBITCREDITBALANCE20--Aug. 15J21,050.001,050.0021J3392.001,442.00NAMESally M. PittsADDRESS 213 East 29th Place, Chicago, IL 60601-6287DATEITEMPOST. REF.DEBITCREDITBALANCE20--Aug.21J3807.00807.00NAMETrendsetters, Inc.ADDRESS 29 Industrial Way, Chicago, IL 60600-5918DATEITEMPOST. REF.DEBITCREDITBALANCE20--Aug.28J41,039.001,039.00

Sales is the proceeds from the delivery of goods and services by the business. Sales can be made on a cash basis and credit basis. Sales made on the credit basis will generate accounts receivable for the business. It refers to accounts of those customers to whom the business has made credit sales but the amount has not been received yet.Accounts receivable is by nature a debit balance account. All additions to the accounts receivables will be debited in this account. All payments received from accounts receivables will decrease accounts receivables and are credited to this account. The schedule of accounts receivable is a form of supporting note for the balance sheet preparation. This shows all customer accounts from which amount is to be received. The schedule of accounts receivables is shown below:

Business

Accounting

DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. J1 1,300.00 1,300.00 8. J1 110.00 1,190.00 NAME M. Chang ADDRESS 1422 SW Pacific, Chicago, IL 60603-8596 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. J1 2,180.00 2,180.00 11 12 2,180.00 0.00 B. J. Hinschliff & Co. NAME 133 College Blvd., Des Plaines, IL 60611- ADDRESS 2 4431 ITEM POST. REF. BALANCE DATE DEBIT CREDIT 20- Aug. 15 12 1,050.00 1,050.00 21 J3 392.00 1,442.00 NAME Sally M. Pitts ADDRESS 213 East 29th Place, Chicago, IL 60601-6287 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20- Aug. 21 J3 807.00 807.00 NAME Trendsetters, Inc. ADDRESS 29 Industrial Way, Chicago, IL 60600-5918 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20- Aug. 28 J4 1,039.00 1,039.00 Pheng Co. Schedule of Accounts Receivable August 31, 20- Total

DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. J1 1,300.00 1,300.00 8. J1 110.00 1,190.00 NAME M. Chang ADDRESS 1422 SW Pacific, Chicago, IL 60603-8596 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. J1 2,180.00 2,180.00 11 12 2,180.00 0.00 B. J. Hinschliff & Co. NAME 133 College Blvd., Des Plaines, IL 60611- ADDRESS 2 4431 ITEM POST. REF. BALANCE DATE DEBIT CREDIT 20- Aug. 15 12 1,050.00 1,050.00 21 J3 392.00 1,442.00 NAME Sally M. Pitts ADDRESS 213 East 29th Place, Chicago, IL 60601-6287 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20- Aug. 21 J3 807.00 807.00 NAME Trendsetters, Inc. ADDRESS 29 Industrial Way, Chicago, IL 60600-5918 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20- Aug. 28 J4 1,039.00 1,039.00 Pheng Co. Schedule of Accounts Receivable August 31, 20- Total

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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