Homework Help is Here – Start Your Trial Now!
Business
Accounting
GENERAL JOURNAL Page 52 Post. Date Description Ref. Debit Credit 20-- August 16 Sales Returns and Allowances 286 42 Accounts Receivable, F. E. Dixon 286 42 Issued credit memo no. 131.

GENERAL JOURNAL Page 52 Post. Date Description Ref. Debit Credit 20-- August 16 Sales Returns and Allowances 286 42 Accounts Receivable, F. E. Dixon 286 42 Issued credit memo no. 131.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

Post the following entry to the general ledger and subsidiary ledger.

# Educational Resource: Understanding Journal Entries and Ledger Accounts ## General Journal Entry **Page 52** | Date | Description | Post. Ref. | Debit | Credit | |------------|----------------------------------|------------|-------|----------| | 20-- August 16 | Sales Returns and Allowances | | 2,864.42 | | | | Accounts Receivable, F.E. Dixon | | | 2,864.42 | | | Issued credit memo no. 131. | | | | **Explanation:** - This table illustrates a general journal entry. The journal is used to record individual transactions. In this entry, Sales Returns and Allowances are debited while Accounts Receivable for F.E. Dixon is credited, indicating a return of sales or allowances given to a customer. A credit memo was issued for this transaction. ## General Ledger Entry **Account: Accounts Receivable** **Account No. 113** | Date | Item | Post. Ref. | Debit | Credit | Balance | |------------|----------|------------|-------|--------|---------| | 20-- August 1 | Balance | ✔ | | | 5,214.36 | **Explanation:** - This table represents a portion of the general ledger for the "Accounts Receivable" account. The balance from August 1 is listed. The ledger tracks all transactions affecting the account’s balance. Each entry here corresponds to entries made in the general journal. Understanding these tables helps in grasping how businesses record and manage financial transactions systematically.
Transcribed Image Text:# Educational Resource: Understanding Journal Entries and Ledger Accounts ## General Journal Entry **Page 52** | Date | Description | Post. Ref. | Debit | Credit | |------------|----------------------------------|------------|-------|----------| | 20-- August 16 | Sales Returns and Allowances | | 2,864.42 | | | | Accounts Receivable, F.E. Dixon | | | 2,864.42 | | | Issued credit memo no. 131. | | | | **Explanation:** - This table illustrates a general journal entry. The journal is used to record individual transactions. In this entry, Sales Returns and Allowances are debited while Accounts Receivable for F.E. Dixon is credited, indicating a return of sales or allowances given to a customer. A credit memo was issued for this transaction. ## General Ledger Entry **Account: Accounts Receivable** **Account No. 113** | Date | Item | Post. Ref. | Debit | Credit | Balance | |------------|----------|------------|-------|--------|---------| | 20-- August 1 | Balance | ✔ | | | 5,214.36 | **Explanation:** - This table represents a portion of the general ledger for the "Accounts Receivable" account. The balance from August 1 is listed. The ledger tracks all transactions affecting the account’s balance. Each entry here corresponds to entries made in the general journal. Understanding these tables helps in grasping how businesses record and manage financial transactions systematically.
**Sales Returns and Allowances Ledger** **Account Information:** - **Account:** Sales Returns and Allowances - **Account No.:** 412 **Ledger Entry:** - **Date:** August 1, 20-- - **Item:** Balance - **Post Reference:** ✔ - **Debit:** - **Credit:** - **Balance:** Debit 21840 --- **Accounts Receivable Ledger** **Customer Information:** - **Name:** F. E. Dixon - **Address:** 416 Fifth Avenue, Dallas, TX 75204 **Ledger Entry:** - **Date:** July 31, 20-- - **Item:** J51 - **Post Reference:** - **Debit:** 460 - **Credit:** - **Balance:** 46015
Transcribed Image Text:**Sales Returns and Allowances Ledger** **Account Information:** - **Account:** Sales Returns and Allowances - **Account No.:** 412 **Ledger Entry:** - **Date:** August 1, 20-- - **Item:** Balance - **Post Reference:** ✔ - **Debit:** - **Credit:** - **Balance:** Debit 21840 --- **Accounts Receivable Ledger** **Customer Information:** - **Name:** F. E. Dixon - **Address:** 416 Fifth Avenue, Dallas, TX 75204 **Ledger Entry:** - **Date:** July 31, 20-- - **Item:** J51 - **Post Reference:** - **Debit:** 460 - **Credit:** - **Balance:** 46015
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Double entry bookkeeping system
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS