Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company. Assume the following account balances at January 1, 20X1:     Accounts Receivable (control account) $ 8,880   Accounts Receivable—John Gibrone   5,600   Accounts Receivable—Jim Garcia   2,180   Accounts Receivable—June Lin   1,100        GENERAL JOURNAL   DATE DESCRIPTION POST. REF.   DEBIT   CREDIT   20X1                       Jan.  8 Cash       560                 Accounts Receivable/John Gibrone               560         Received partial payment on                         account from John Gibrone                                                 20 Sales Returns and Allowances       300                 Sales Tax Payable       24                 Accounts Receivable/Jim Garcia               324         Accept return of defective                         merchandise, Credit                         Memorandum 121; original sale                         made on Sales Slip 11102 of                         January 2, 20X1                       Required: Prepare a schedule of accounts receivable for Calderone Company at January 31, 20X1. Should the total of your accounts receivable schedule agree with the balance of the Accounts Receivable account in the general ledger at January 31, 20X1?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company.


Assume the following account balances at January 1, 20X1:
 

 
Accounts Receivable (control account) $ 8,880  
Accounts Receivable—John Gibrone   5,600  
Accounts Receivable—Jim Garcia   2,180  
Accounts Receivable—June Lin   1,100  
 

  

GENERAL JOURNAL  
DATE DESCRIPTION POST.
REF.
  DEBIT   CREDIT  
20X1                      
Jan.  8 Cash       560            
    Accounts Receivable/John Gibrone               560    
    Received partial payment on                    
    account from John Gibrone                    
                         
  20 Sales Returns and Allowances       300            
    Sales Tax Payable       24            
    Accounts Receivable/Jim Garcia               324    
    Accept return of defective                    
    merchandise, Credit                    
    Memorandum 121; original sale                    
    made on Sales Slip 11102 of                    
    January 2, 20X1                    
 


Required:

  1. Prepare a schedule of accounts receivable for Calderone Company at January 31, 20X1.
  2. Should the total of your accounts receivable schedule agree with the balance of the Accounts Receivable account in the general ledger at January 31, 20X1?

 

 

 

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