Chapter 5, Problem 2E

Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Sunrise Enterprises, which had a $480 beginning balance. In addition, there were no collections during the period.

1. a. Set up a T account for Accounts Receivable and T accounts for the four accounts
2. b. needed in the customer ledger.
3. c. Post to the T accounts.
4. d. Determine the balance in the accounts.
5. e. Prepare a listing of the accounts receivable customer balances as of March 31, 2016.