Answered: JOSH WILLOW Balance Date Post. Ref.…

JOSH WILLOW Balance Date Post. Ref. Debit Credit Debit Credit 400 Nov. 1 1,580 1,390 5.5 1,180 190 18 J.8 30 CR.9 700 690

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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Question

Identifying transactions in the accounts receivable subsidiary ledger

A customer account in the accounts receivable subsidiary ledger of Leger Old Company follows:

Describe the three posted transactions.

JOSH WILLOW
Balance
Date Post. Ref. Debit Credit
Debit
Credit
400
Nov. 1
1,580
1,390
5.5
1,180
190
18
J.8
30
CR.9
700
690

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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