From the accounts receivable ledger, prepare a schedule of accounts receivable for Robinson's Auto Supply Center as of May 31, 20--. ACCOUNTS RECEIVABLE LEDGER Account Sal Buchemi Date Item Post Ref. Debit Credit Balance May 9 J1 89.00 89.00 19 J2 215.00 304.00 Account Grace Carlton Date Item Post Ref. Debit Credit Balance May 10 J2 11,401.00 11,401.00 15 J2 2,263.00 13,664.00 Account Pat Heins Date Item Post Ref. Debit Credit Balance May 15 J2 5,278.00 5,278.00 22 J3 5,278.00 0.00 Account Falana Moore Date Item Post Ref. Debit Credit Balance May 4 J1 1,139.00 1,139.00 8 J1 423.00 1,562.00 14 J2 1,139.00 423.00 Account Peggy Nelson Date Item Post Ref. Debit Credit Balance May 1 J1 23,652.00 23,652.00 10 J2 23,652.00 0.00 14 J2 13,236.00 13,236.00 Account Will Sache Date Item Post Ref. Debit Credit Balance May 4 J1 3,501.00 3,501.00 14 J2 3,501.00 0.00 15 J2 1,219.00 1,219.00 29 J3 2,366.00 3,585.00 Robinson's Auto Supply Center Schedule of Accounts Receivable May 31, 20-- Cash $fill in the blank 2 fill in the blank 4 fill in the blank 6 fill in the blank 8 fill in the blank 10 Total $fill in the blank 11
From the accounts receivable ledger, prepare a schedule of accounts receivable for Robinson's Auto Supply Center as of May 31, 20--. ACCOUNTS RECEIVABLE LEDGER Account Sal Buchemi Date Item Post Ref. Debit Credit Balance May 9 J1 89.00 89.00 19 J2 215.00 304.00 Account Grace Carlton Date Item Post Ref. Debit Credit Balance May 10 J2 11,401.00 11,401.00 15 J2 2,263.00 13,664.00 Account Pat Heins Date Item Post Ref. Debit Credit Balance May 15 J2 5,278.00 5,278.00 22 J3 5,278.00 0.00 Account Falana Moore Date Item Post Ref. Debit Credit Balance May 4 J1 1,139.00 1,139.00 8 J1 423.00 1,562.00 14 J2 1,139.00 423.00 Account Peggy Nelson Date Item Post Ref. Debit Credit Balance May 1 J1 23,652.00 23,652.00 10 J2 23,652.00 0.00 14 J2 13,236.00 13,236.00 Account Will Sache Date Item Post Ref. Debit Credit Balance May 4 J1 3,501.00 3,501.00 14 J2 3,501.00 0.00 15 J2 1,219.00 1,219.00 29 J3 2,366.00 3,585.00 Robinson's Auto Supply Center Schedule of Accounts Receivable May 31, 20-- Cash $fill in the blank 2 fill in the blank 4 fill in the blank 6 fill in the blank 8 fill in the blank 10 Total $fill in the blank 11
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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| ACCOUNTS RECEIVABLE LEDGER | ||||||
| Account Sal Buchemi | ||||||
Date |
Item |
Post Ref. |
Debit |
Credit |
Balance |
|
| May | 9 | J1 | 89.00 | 89.00 | ||
| 19 | J2 | 215.00 | 304.00 |
| Account Grace Carlton | ||||||
Date |
Item |
Post Ref. |
Debit |
Credit |
Balance |
|
| May | 10 | J2 | 11,401.00 | 11,401.00 | ||
| 15 | J2 | 2,263.00 | 13,664.00 |
| Account Pat Heins | ||||||
Date |
Item |
Post Ref. |
Debit |
Credit |
Balance |
|
| May | 15 | J2 | 5,278.00 | 5,278.00 | ||
| 22 | J3 | | 5,278.00 | 0.00 |
| Account Falana Moore | ||||||
Date |
Item |
Post Ref. |
Debit |
Credit |
Balance |
|
| May | 4 | J1 | 1,139.00 | 1,139.00 | ||
| 8 | J1 | 423.00 | 1,562.00 | |||
| 14 | J2 | | 1,139.00 | 423.00 |
| Account Peggy Nelson | ||||||
Date |
Item |
Post Ref. |
Debit |
Credit |
Balance |
|
| May | 1 | J1 | 23,652.00 | 23,652.00 | ||
| 10 | J2 | | 23,652.00 | 0.00 | ||
| 14 | J2 | 13,236.00 | 13,236.00 |
| Account Will Sache | ||||||
Date |
Item |
Post Ref. |
Debit |
Credit |
Balance |
|
| May | 4 | J1 | 3,501.00 | 3,501.00 | ||
| 14 | J2 | | 3,501.00 | 0.00 | ||
| 15 | J2 | 1,219.00 | 1,219.00 | |||
| 29 | J3 | 2,366.00 | 3,585.00 |
| Robinson's Auto Supply Center | |
| Schedule of Accounts Receivable | |
| May 31, 20-- | |
| Cash | $fill in the blank 2 |
| fill in the blank 4 | |
| fill in the blank 6 | |
| fill in the blank 8 | |
| fill in the blank 10 | |
| Total | $fill in the blank 11 |
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