Jun. 1 Sold merchandise inventory on account to Coyle Company, $1,510. Jun. 6 Sold merchandise inventory for cash, $450. Jun. 12 Received cash from Coyle Company in full settlement of its accounts receivable. Jun. 20 Sold merchandise inventory on account to Idetta Company, $675. Jun. 22 Sold merchandise inventory on account to Dafler Company, $180. Jun. 28 Received cash from Idetta Company in partial settlement of its accounts receivable, $550. 1. Journalize the transactions. Ignore cost of goods sold. Omit explanations. 2. Post the transactions to the general ledger and the accounts receivable subsidiary ledger. Assume all beginning balances are $0. 3. Verify the ending balance in the control Accounts Receivable equals the sum of the balances in the subsidiary ledger.
Jun. 1 Sold merchandise inventory on account to Coyle Company, $1,510. Jun. 6 Sold merchandise inventory for cash, $450. Jun. 12 Received cash from Coyle Company in full settlement of its accounts receivable. Jun. 20 Sold merchandise inventory on account to Idetta Company, $675. Jun. 22 Sold merchandise inventory on account to Dafler Company, $180. Jun. 28 Received cash from Idetta Company in partial settlement of its accounts receivable, $550. 1. Journalize the transactions. Ignore cost of goods sold. Omit explanations. 2. Post the transactions to the general ledger and the accounts receivable subsidiary ledger. Assume all beginning balances are $0. 3. Verify the ending balance in the control Accounts Receivable equals the sum of the balances in the subsidiary ledger.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
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Question
Jun. 1
Sold merchandise inventory on account to Coyle Company, $1,510.
Jun. 6
Sold merchandise inventory for cash, $450.
Jun. 12
Received cash from Coyle Company in full settlement of its accounts receivable .
Jun. 20
Sold merchandise inventory on account to Idetta Company, $675.
Jun. 22
Sold merchandise inventory on account to Dafler Company, $180.
Jun. 28
Received cash from Idetta Company in partial settlement of its accounts receivable, $550.
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1.
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Journalize the transactions. Ignore cost of goods sold. Omit explanations.
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2.
|
|
|
3.
|
Verify the ending balance in the control Accounts Receivable equals the sum of the balances in the subsidiary ledger.
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