ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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On September 1, the balance of the Accounts Receivable control account in the general ledger of Cullumber Company was $10,390. The customers’ subsidiary ledger contained account balances as follows: Hurley $1,320, Andino $2,360, Fowler $2,080, and Sogard $4,630. At the end of September, the various journals contained the following information.
Sales journal:
Sales to Sogard $740, to Hurley $1,160, to Giambi $1,370, and to Fowler $1,130.
Cash receipts journal:
Cash received from Fowler $1,300, from Sogard $2,350, from Giambi $370, from Andino $1,810, and from Hurley $1,320.
General journal:
An allowance is granted to Sogard $150.
(a)
Set up control and subsidiary accounts and enter the beginning balances.
Accounts Receivable
Date
Explanation
Ref.
Debit
Credit
Balance
Sept. 1
Balance
√
enter a debit amount
enter a credit amount
enter a balance amount
Accounts Receivable Subsidiary Ledger
Fowler…
On September 1, the balance of the Accounts Receivable control account in the general ledger of Ivanhoe Company was $10,790. The
customers' subsidiary ledger contained account balances as follows: Hurley $1,320, Andino $2,710, Fowler $2,020, and Sogard
$4,740. At the end of September, the various journals contained the following information.
Sales journal:
Cash receipts
journal:
General journal:
Sales to Sogard $840, to Hurley $1,130, to Giambi $1,390, and to Fowler $1,210.
Cash received from Fowler $1,370, from Sogard $2,300, from Giambi $280, from Andino $1,770, and from
Hurley $1,100.
An allowance is granted to Sogard $320.
(a)
(b)
Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales
discounts given.)
Accounts Receivable
Date Explanation Ref.
Sept. 1 Balance
Debit
Credit
Balance
V
10,790
S
CR
(a)
On September 1, the balance of the Accounts Receivable control account in the general ledger of Ivanhoe Company was $10,790. The
customers' subsidiary ledger contained account balances as follows: Hurley $1,320, Andino $2,710, Fowler $2,020, and Sogard
$4,740. At the end of September, the various journals contained the following information.
Sales journal:
Cash receipts
journal:
General journal:
Sales to Sogard $840, to Hurley $1,130, to Giambi $1,390, and to Fowler $1,210.
Cash received from Fowler $1,370, from Sogard $2,300, from Giambi $280, from Andino $1,770, and from
Hurley $1,100.
An allowance is granted to Sogard $320.
(b).
Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales
discounts given.)
Accounts Receivable
Date
Explanation Ref.
Debit
Credit
Balance
Sept. 1 Balance
✓
10,790
S
FR
CR
Knowledge Booster
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