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Steller Company had the following trånsactions Jun. 1 Sold merchandise inventory on account to Carter Company, $1,575. 6. Sold merchandise inventory for cash, $550. 12 Received cash from Carter Company in full settlement of its accounts receivable. 20 Sold merchandise inventory on account to Iris Company, $765. 22 Sold merchandise inventory on account to Driver Company, $230. Received cash from Iris Company in partial settlement of its accounts receivable, $300. 28 Requirements 1. Journalize the transactions. Ignore Cost of Goods Sold. Omit explanations.

Steller Company had the following trånsactions Jun. 1 Sold merchandise inventory on account to Carter Company, $1,575. 6. Sold merchandise inventory for cash, $550. 12 Received cash from Carter Company in full settlement of its accounts receivable. 20 Sold merchandise inventory on account to Iris Company, $765. 22 Sold merchandise inventory on account to Driver Company, $230. Received cash from Iris Company in partial settlement of its accounts receivable, $300. 28 Requirements 1. Journalize the transactions. Ignore Cost of Goods Sold. Omit explanations.

FINANCIAL ACCOUNTING
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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How do I solve E9-16 requirement 1
from the customer remittance slips. The credit department lists all cash receipts by The cash goes to the treasurer for deposit in the bank. The remittance slips go to • The controller compares the daily deposit slip to the total amount posted to ing and write-offs of off of the accounts receivable. customer name and amount of cash received the accounting department for posting to customer accounts. customer accounts. Both amounts must agree. Recall the components of internal control. Identify the internal control weakness in this situation, and propose a way to correct it. E9-16 Recording credit sales and collections Steller Company had the following transactions in June: Jun. 1 Sold merchandise inventory on account to Carter Company, $1,575. Sold merchandise inventory for cash, $550. 12 Received cash from Carter Company in full settlement of its accounts receivable. 20 Sold merchandise inventory on account to Iris Company, $765. 22 Sold merchandise inventory on account to Driver Company, $230. Received cash from Iris Company in partial settlement of its accounts receivable, $300. 28 Requirements 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. 9-17 Journaliz sactions using the direct write-off method erform Cell Phones sold $21,000 of merchandise to 2t. Anthony fell on hard times and on July 15 lc. After r any d attempts to collect, Best Anthony on September d Anthony's check for of receiv 5. 5, 20 orim ing VITE Re 1. or Bes ang the direer
Transcribed Image Text:from the customer remittance slips. The credit department lists all cash receipts by The cash goes to the treasurer for deposit in the bank. The remittance slips go to • The controller compares the daily deposit slip to the total amount posted to ing and write-offs of off of the accounts receivable. customer name and amount of cash received the accounting department for posting to customer accounts. customer accounts. Both amounts must agree. Recall the components of internal control. Identify the internal control weakness in this situation, and propose a way to correct it. E9-16 Recording credit sales and collections Steller Company had the following transactions in June: Jun. 1 Sold merchandise inventory on account to Carter Company, $1,575. Sold merchandise inventory for cash, $550. 12 Received cash from Carter Company in full settlement of its accounts receivable. 20 Sold merchandise inventory on account to Iris Company, $765. 22 Sold merchandise inventory on account to Driver Company, $230. Received cash from Iris Company in partial settlement of its accounts receivable, $300. 28 Requirements 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. 9-17 Journaliz sactions using the direct write-off method erform Cell Phones sold $21,000 of merchandise to 2t. Anthony fell on hard times and on July 15 lc. After r any d attempts to collect, Best Anthony on September d Anthony's check for of receiv 5. 5, 20 orim ing VITE Re 1. or Bes ang the direer
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