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Concept explainers
A subsidiary ledger of accounts receivable shows the amount of money owed by debtors individually.
Accounts Receivable – General Ledger:
The general ledger of accounts receivable shows the balance of accounts receivable collectively.
To determine:
1. Open an accounts receivable subsidiary ledger having a T-account for each customer. Post the invoices to subsidiary ledger.
2. Open Accounts Receivable controlling T-accounts and a Sales T-account to reflect general ledger accounts. Post the end-of-month total from the sales journals to these accounts.
3. Prepare a schedule of accounts receivable and prove that its total equals the Accounts Receivable controlling account balance.
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Chapter 7 Solutions
Fundamental Accounting Principles -Hardcover
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