E-F:8-16 Recording credit sales and collections (Learning Objective 1) Steller Corporation had the following transactions in June: Jun. 1 6 12 20 22 28 Sold merchandise inventory on account to Carter Company, $1,575. Sold merchandise inventory for cash, $550. Received cash from Carter Company in full settlement of its accounts receivable. Sold merchandise inventory on account to Iris Company, $765. Sold merchandise inventory on account to Driver Company, $230. Received cash from Iris Company in partial settlement of its accounts receivable, $300. 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 account, Accounts Receivable, equals the sum of the balances in the subsidiary ledger. 3. $695 3. $695

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