Instructions (a) Set up control and subsidiary accounts and enter the beginning balances. Do not con- struct the journals. (b) Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.) (c) Prepare a schedule of accounts receivable and prove the agreement of the controlling account with the subsidiary ledger at September 30, 2017.
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- On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.Maddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 230 are as follows: Post revenue and collections to the accounts receivable subsidiary ledger. Instructions 1. Insert the following balances in the general ledger as of April 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for April. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer balances agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable?
- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.Kelley Company has completed the following October sales and purchases journals: a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers. b. Complete a schedule of accounts receivable for October 31, 20--. c. Complete a schedule of accounts payable for October 31, 20--. d. Compare the balances of the schedules with their respective general ledger accounts. If they are not the same, find and correct the error(s).
- Post various journals to control and subsidiary accounts.L09, 10, 14On 1 September the balance of the accounts receivable control account in the general ledger of Teone Ltd was $5980. The customers' subsidiary ledger contained account balances as follows: Edmonds $1220, Lee $1320, Roemer $1030, Schulz $2410, Henry $0. At the end of September the various journals contained the following information. Sales journal: Sales to Schulz $400; to Edmonds $675; to Henry $515; to Roemer $550. Cash receipts journal: Cash received from Roemer $655; from Schulz $1150; from Henry $205; from Lee $900; from Edmonds $620. General journal: An allowance is granted to Schulz $110.Required(a) Set up control and subsidiary ledger accounts and enter the beginning balances. Do not construct the journals.(b)Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No discount was given for early payment.)(c)Prepare a list of customers and check…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…Sunland Company has a balance in its Accounts Receivable control account of $11,100 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $4,400; Cuddyer Company, balance $2,500; and Freeze Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Bixler Company $8,500 $7,600 $ 0 Cuddyer Company 6,900 2,200 2,500 Freeze Company 8,600 8,900 0 What is the January 1 balance in the Freeze Company subsidiary account? Balance in the Freeze Company subsidiary account $enter the Balance in the Freeze Company subsidiary account in dollars
- Pharoah Company has a balance in its Accounts Receivable control account of $ 11,300 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $ 3,700; Cuddyer Company, balance $ 2,900; and Freeze Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Bixler Company $ 8,600 $ 8,400 $ 0 Cuddyer Company 6,700 2,400 3,500 Freeze Company 8,200 9,300 0 (a) What is the January 1 balance in the Freeze Company subsidiary account? Balance in the Freeze Company subsidiary account $ enter the balance in the Freeze Company subsidiary account in dollars (b) What is the January 31 balance in the control account? Balance in the control account $ enter the balance in the control account in dollars (c) Compute the balances in the subsidiary accounts at the end of the month. Balances in the subsidiary accounts…Blossom Company has a balance in its Accounts Receivable control account of $11,300 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $4,200: Cuddyer Company, balance $2,200, and Freeze Company. During January the following receivable-related transactions occurred. Bixler Company Cuddyer Company Freeze Company (a) Credit Sales Collections $9,000 $7,900 2.600 8.800 7.100 8.500 Returns $0 3.000 Balance in the Freeze Company subsidiary account S 0 What is the January 1 balance in the Freeze Company subsidiary account?Warton Company posts individual sales to the accounts receivable subsidiary ledger immediately. At the end of each month, Warton posts the end-of-month totals to the general ledger. July 2 Mary Mack $ 9,400 July 8 Eric Horner 11,900 July 10 Troy Wilson 14,200 July 14 Hong Jiang 21,300 July 20 Troy Wilson 12,000 July 29 Mary Mack 8,100 Total credit sales 76,900 Required: Post the amounts to the accounts receivable subsidiary ledger for each of these customers above. Post the end-of-month total to Accounts Receivable controlling T-account and a Sales T-account. Prepare a schedule of accounts receivable and prove (confirm) that its total equals the Accounts Receivable controlling account balance.