1EJ-3 On September 1, the balance of the Accounts Receivable control account inthe general ledger of Stark Company was $10,960. The customers' subsidiary ledgercontained account balances as follows: Zeyen $1,440, Milo $2,640, Baez $2,060, andDey $4,820. At the end of September, the various journals contained the followinginformation.Sales journal: Sales to Dey $800; to Zeyen $1,260; to Guy $1,330; to Baez $1,260.Cash receipts journal: Cash received from Baez $1,310; from Dey $2,300; from Guy $380;from Milo $1,800; from Zeyen $1,240.General journal: An allowance is granted to Dey $185.Instructions(a) Set up control and subsidiary accounts and enter the beginning balances. Do not con-struct the journals.(b) Post the various journals. Post the items as individual items or as totals, whicheverwould be the appropriate procedure. (No sales discounts given.)(c) Prepare a schedule of accounts receivable and prove the agreement of the controllingaccount with the subsidiary ledger at September 30, 2017.

Accounts receivable is one the current assets of the company. It shows the amount which a firm will…

Instructions (a) Set up control and subsidiary accounts and enter the beginning balances. Do not con- struct the journals. (b) Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.) (c) Prepare a schedule of accounts receivable and prove the agreement of the controlling account with the subsidiary ledger at September 30, 2017.

Instructions (a) Set up control and subsidiary accounts and enter the beginning balances. Do not con- struct the journals. (b) Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.) (c) Prepare a schedule of accounts receivable and prove the agreement of the controlling account with the subsidiary ledger at September 30, 2017.

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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