FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 that the control account balance agrees with a schedule of accounts in the subsidiary ledger at 30 September 2023.(d)Why is it important to ensure that the balance in the control account agrees with the schedule of accounts receivable?

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