College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 10, Problem 4CE
On March 24, MS Company’s
| 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--.
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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…
Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company.
Assume the following account balances at January 1, 20X1:
Accounts Receivable (control account)
$
8,880
Accounts Receivable—John Gibrone
5,600
Accounts Receivable—Jim Garcia
2,180
Accounts Receivable—June Lin
1,100
GENERAL JOURNAL
DATE
DESCRIPTION
POST.REF.
DEBIT
CREDIT
20X1
Jan.
8
Cash
560
Accounts Receivable/John Gibrone
560
Received partial payment on
account from John Gibrone
20
Sales Returns and Allowances
300
Sales Tax Payable
24
Accounts Receivable/Jim Garcia
324
Accept return of defective…
Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate
accounts in the accounts receivable ledger for Calderone Company.
Assume the following account balances at January 1, 20X1:
Accounts Receivable (control account)
Accounts Receivable-John Gibrone
$8,880
5,600
Accounts Receivable-Jim Garcia
2,180
Accounts Receivable-June Lin
1,100
DATE
20X1
Jan. 8
Cash
GENERAL JOURNAL
DESCRIPTION
POST.
REF.
DEBIT CREDIT
560
560
Accounts Receivable/John Gibrone
Received partial payment on
account from John Gibrone
20 Sales Returns and Allowances
Sales Tax Payable
Accounts Receivable/Jim Garcia
Accept return of defective
merchandise, Credit
Memorandum 121; original sale
made on Sales Slip 11102 of
January 2, 20X1
300
24
324
Required:
1. Prepare a schedule of accounts receivable for Calderone Company at January 31, 20X1.
2. Should the total of your accounts receivable schedule agree with the balance of the Accounts Receivable account…
Chapter 10 Solutions
College Accounting, Chapters 1-27
Ch. 10 - Prob. 1TFCh. 10 - All sales, for cash or on credit, can be recorded...Ch. 10 - Sales Tax Payable is a liability account that is...Ch. 10 - Prob. 4TFCh. 10 - Prob. 5TFCh. 10 - A credit sale of 250 plus a 6% sales tax would...Ch. 10 - When 25 of merchandise is returned for a credit on...Ch. 10 - Prob. 3MCCh. 10 - Prob. 4MCCh. 10 - Prob. 5MC
Ch. 10 - Prob. 1CECh. 10 - Prepare journal entries for the following sales...Ch. 10 - Prob. 3CECh. 10 - On March 24, MS Companys Accounts Receivable...Ch. 10 - Prob. 1RQCh. 10 - What is the purpose of a credit memo?Ch. 10 - Prob. 3RQCh. 10 - Prob. 4RQCh. 10 - Prob. 5RQCh. 10 - Prob. 6RQCh. 10 - What steps are followed in posting cash receipts...Ch. 10 - What steps are followed in posting cash receipts...Ch. 10 - Prob. 9RQCh. 10 - Prob. 1SEACh. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - Prob. 3SEACh. 10 - SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end...Ch. 10 - Prob. 5SEACh. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - Prob. 7SEACh. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS J. K. Bijan owns a retail...Ch. 10 - Prob. 11SPACh. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Sourk...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - Prob. 1SEBCh. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - Prob. 3SEBCh. 10 - SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end...Ch. 10 - Prob. 5SEBCh. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - JOURNALIZING SALES RETURNS AND ALLOWANCES Enter...Ch. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS T. M. Maxwell owns a retail...Ch. 10 - CASH RECEIPTS TRANSACTIONS Color Florists, a...Ch. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Paul Jackson...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - You and your spouse have separate charge accounts...Ch. 10 - Prob. 1ECCh. 10 - Geoff and Sandy Harland own and operate Wayward...Ch. 10 - Enter the following transactions in a general...
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