**Accounts Receivable Subsidiary Ledger Analysis****Scenario:**On June 30, Oscar Inc.'s bookkeeper is closing the monthly books. There's a discrepancy between the accounts receivable control balance, which shows $2,820.76, and the subsidiary ledger total, which is $2,220.76. Help find the mistake by examining the subsidiary ledger below.---**Accounts Receivable Subsidiary Ledger**1. **Account: Amazoon** - **Account Number:** AR No. 246 - **Transactions:** - **April 5**: - Beginning Balance: $1,200.50 - Payment: Credit $1,200.50 - New Balance: $0.002. **Account: Cadberry** - **Account Number:** AR No. 357 - **Transactions:** - **April 8**: - Beginning Balance: $877.30 - Invoice 210: Debit $300 - New Balance: $1,177.303. **Account: Hewlit Pickard** - **Account Number:** AR No. 468 - **Transactions:** - **April 28**: - Beginning Balance: $172.99 - Invoice 211: Debit $100 - New Balance: $272.994. **Account: Neatflicks Inc.** - **Account Number:** AR No. 579 - **Transactions:** - **April 6**: - Beginning Balance: $1,570.47 - Payment: Credit $500 - Balance after Payment: $1,070.47 - **April 22**: - Invoice 212: Debit $300 - New Balance: $770.47---**Find the Mistake:**Calculate the total debit balances from the accounts:- Amazoon: $0.00- Cadberry: $1,177.30- Hewlit Pickard: $272.99- Neatflicks Inc.: $770.47The total from the subsidiary ledger is $2,220.76. However, the correct total should align with the control account balance of $2,820.76. Look for missing or incorrect entries to resolve the discrepancy.

Accounts receivable control account is a combined account which is prepared and recorded all…

PA1. LO 7.2 On June 30, Oscar Inc.'s bookkeeper is preparing to close the books for the month. The accounts receivable control total shows a balance of $2,820.76, but the accounts receivable subsidiary ledger shows total account balances of $2,220.76. The accounts receivable subsidiary ledger is shown here. Can you help find the mistake? ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Account: Amazoon AR No. 246 Balance Date Item Ref. Debit Credit Debit Beginning Balance Payment 1,200.50 Apr. 5 CR 175 1200.50 0.00 Account: Cadberry AR No. 357 Balance Date Item Ref. Debit Credit Debit Beginning Balance Invoice 210 877.30 Apr. 8 SJ 123 300 1,177.30 Account: Hewlit Pickard AR No. 468 Balance Date Item Ref. Debit Credit Debit Beginning Balance 172.99 Apr. 28 Invoice 211 SJ 123 100 272.99 Account: Neatflicks inc. AR No. 579 Balance Date Item Ref. Debit Credit Debit Beginning Balance Payment Invoice 212 1,570.47 Apr. 6 Apr. 22 CR 175 500 1,070.47 CJ 123 300 770.47

PA1. LO 7.2 On June 30, Oscar Inc.'s bookkeeper is preparing to close the books for the month. The accounts receivable control total shows a balance of $2,820.76, but the accounts receivable subsidiary ledger shows total account balances of $2,220.76. The accounts receivable subsidiary ledger is shown here. Can you help find the mistake? ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Account: Amazoon AR No. 246 Balance Date Item Ref. Debit Credit Debit Beginning Balance Payment 1,200.50 Apr. 5 CR 175 1200.50 0.00 Account: Cadberry AR No. 357 Balance Date Item Ref. Debit Credit Debit Beginning Balance Invoice 210 877.30 Apr. 8 SJ 123 300 1,177.30 Account: Hewlit Pickard AR No. 468 Balance Date Item Ref. Debit Credit Debit Beginning Balance 172.99 Apr. 28 Invoice 211 SJ 123 100 272.99 Account: Neatflicks inc. AR No. 579 Balance Date Item Ref. Debit Credit Debit Beginning Balance Payment Invoice 212 1,570.47 Apr. 6 Apr. 22 CR 175 500 1,070.47 CJ 123 300 770.47

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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The following information is from Madison Corporation's accounting records for May. Check #3269 was returned as a double payment and voided. Checks that have not cleared the bank include #3252, #3260, and series #3275-3278. Check # Amount Check # Amount 3247 $ 32.64 3263 $ 24.87 3248 400.00 3264 45.00 3249 309.22 3265 33.78 3250 256.00 3266 756.77 3251 3,212.17 3267 84.34 3252 56.89 3268 789.00 3253 98.02 3269 48.90 3254 47.55 3270 34.41 3255 1,124.77 3271 872.00 3256 250.00 3272 22.00 3257 68.00 3273 562.38 3258 215.56 3274 512.00 3259 38.55 3275 603.50 3260 92.65 3276 67.00 3261 44.61 3277 301.61 3262 72.96 3278 47.88 In addition to the above list of the checks, Madison had check #2264 for $32.98 and check #2655 for $45.99 outstanding previously that have not cleared.
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3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. 4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $4,400 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of act titles.
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