Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 7, Problem 12E
1)
To determine
Preparation of
2)
To determine
Preparation of T account.
3)
To determine
Preparation of schedule of accounts receivable.
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determine the correct amount of the end-of-month posting the sales journal to the
Account Receivable control account. Amount of the end-of-month posting from the sales
journal to the Account Receivable $
Pharoah Products uses both special journals and a general journal. Pharoah also posts customers accounts in the accounts receivable
subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below.
Estes
Bal. 290
215
195
Truong
Bal.
300
300
Gehrke
Bal. 215
215
340
Weiser
Bal. 170
170
150
The sales journal of Kutkutin & Pasalubong for the month of June, is shown below. On a ledger sheet, post to the Accounts Receivable control account and the accounts subsidiary ledger. Write your answers on a ledger sheet.
Warton Company posts individual sales to the accounts receivable subsidiary ledger immediately. At the end of each month, Warton posts the end-of-month totals to the general ledger.
July 2
Mary Mack
$ 9,400
July 8
Eric Horner
11,900
July 10
Troy Wilson
14,200
July 14
Hong Jiang
21,300
July 20
Troy Wilson
12,000
July 29
Mary Mack
8,100
Total credit sales
76,900
Required:
Post the amounts to the accounts receivable subsidiary ledger for each of these customers above.
Post the end-of-month total to Accounts Receivable controlling T-account and a Sales T-account.
Prepare a schedule of accounts receivable and prove (confirm) that its total equals the Accounts Receivable controlling account balance.
Chapter 7 Solutions
Principles of Financial Accounting.
Ch. 7 - What are five basic components of an accounting...Ch. 7 - Prob. 2DQCh. 7 - 3. What are the five fundamental principles of...Ch. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQ
Ch. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - Prob. 13DQCh. 7 - Prob. 1QSCh. 7 - Prob. 2QSCh. 7 - Prob. 3QSCh. 7 - Prob. 4QSCh. 7 - Prob. 5QSCh. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - Prob. 9QSCh. 7 - Prob. 10QSCh. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Following is information from Jesper Company for...Ch. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 11ECh. 7 - Prob. 12ECh. 7 - Prob. 13ECh. 7 - Prob. 1AACh. 7 - Prob. 2AACh. 7 - Prob. 3AACh. 7 - Prob. 1BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 5BTN
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