Information related to Pukalani Limited is presented below for its first month of operations. Credit Sales Cash Collections Jan. 7 Chiu Corp. $1,630 Jan. 17 Chiu Corp. $670 15 Elbaz Inc. 5,650 24 Elbaz Inc. 1,960 23 Lewis Corp. 3,630 29 Lewis Corp. 3,630 Post the above transactions individually to the accounts receivable subsidiary ledger for each customer, and in summary form at the end of the month to the accounts receivable control account in the general ledger. (If the ending balance is 0 enter that amount on the normal balance side for accounts receivable.) Accounts Receivable Subsidiary Ledger Chiu Corp Jan. 17 670 Jan. 7 1630 Jan. 17 Lewis Corp Elbaz Inc. General Ledger Control Account Accounts Receivable
Information related to Pukalani Limited is presented below for its first month of operations. Credit Sales Cash Collections Jan. 7 Chiu Corp. $1,630 Jan. 17 Chiu Corp. $670 15 Elbaz Inc. 5,650 24 Elbaz Inc. 1,960 23 Lewis Corp. 3,630 29 Lewis Corp. 3,630 Post the above transactions individually to the accounts receivable subsidiary ledger for each customer, and in summary form at the end of the month to the accounts receivable control account in the general ledger. (If the ending balance is 0 enter that amount on the normal balance side for accounts receivable.) Accounts Receivable Subsidiary Ledger Chiu Corp Jan. 17 670 Jan. 7 1630 Jan. 17 Lewis Corp Elbaz Inc. General Ledger Control Account Accounts Receivable
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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Transcribed Image Text:Information related to Pukalani Limited is presented below for its first month of operations.
Credit Sales
Cash Collections
Jan. 7
Chiu Corp.
$1.630
Jan. 17
Chiu Corp.
$670
15
Elbaz Inc.
5,650
24
Elbaz Inc.
1,960
23
Lewis Corp.
3,630
29 Lewis Corp.
3,630
Post the above transactions individually to the accounts receivable subsidiary ledger for each customer, and in
summary form at the end of the month to the accounts receivable control account in the general ledger. (If the ending
balance is 0 enter that amount on the normal balance side for accounts receivable.)
Accounts Receivable Subsidiary Ledger
Chiu Corp
Jan. 17
670
Jan. 7
1630
Jan. 17
Lewis Corp
Elbaz Inc.
General Ledger Control Account
Accounts Receivable
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