Chapter 5, Problem 2E

Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Tillman Inc., which had a $590 beginning balance. In addition, there were no collections during the period.

1. a. Set up a T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger.
2. b. Post to the T accounts.
3. c. Determine the balance in the accounts.
4. d. Prepare a listing of the accounts receivable customer balances as of May 31, 20Y3.