Jun. 1 Sold merchandise inventory on account to Coyle Company, $1,510. Jun. 6 Sold merchandise inventory for cash, $450. Jun. 12 Received cash from Coyle Company in full settlement of its accounts receivable. Jun. 20 Sold merchandise inventory on account to Idetta Company, $675. Jun. 22 Sold merchandise inventory on account to Dafler Company, $180. Jun. 28 Received cash from Idetta Company in partial settlement of its accounts receivable, $550. 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 Accounts Receivable equals the sum of the balances in the subsidiary ledger.
Jun. 1 Sold merchandise inventory on account to Coyle Company, $1,510. Jun. 6 Sold merchandise inventory for cash, $450. Jun. 12 Received cash from Coyle Company in full settlement of its accounts receivable. Jun. 20 Sold merchandise inventory on account to Idetta Company, $675. Jun. 22 Sold merchandise inventory on account to Dafler Company, $180. Jun. 28 Received cash from Idetta Company in partial settlement of its accounts receivable, $550. 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 Accounts Receivable equals the sum of the balances in the subsidiary ledger.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Jun. 1
Sold merchandise inventory on account to Coyle Company, $1,510.
Jun. 6
Sold merchandise inventory for cash, $450.
Jun. 12
Received cash from Coyle Company in full settlement of its accounts receivable .
Jun. 20
Sold merchandise inventory on account to Idetta Company, $675.
Jun. 22
Sold merchandise inventory on account to Dafler Company, $180.
Jun. 28
Received cash from Idetta Company in partial settlement of its accounts receivable, $550.
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1.
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Journalize the transactions. Ignore cost of goods sold. Omit explanations.
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2.
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3.
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Verify the ending balance in the control Accounts Receivable equals the sum of the balances in the subsidiary ledger.
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