On September 1 the balance of the Accounts Receivable control account in the gen

Question

On September 1 the balance of the Accounts Receivable control account in the general ledger of Seaver Company was $10,960. The customers' subsidiary ledger contained account balances as follows: Ruiz $1,440, Kingston $2,640, Bannister $2,060, Crampton $4,820. At the end of September the various journals contained the following information. Sales journal: Sales to Crampton $800; to Ruiz $1,260; to Iman $1,330; to Bannister $1,100. Cash receipts journal: Cash received from Bannister $1,310; from Crampton $2,300; from Iman $380; from Kingston $1,800; from Ruiz $1,240. General journal: An allowance is granted to Crampton $220. Set up control and subsidiary accounts and enter the beginning balances. Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. Prepare a list of customers and prove the agreement of the controlling account with the subsidiary ledger at September 30, 2010.

Explanation / Answer

AR control account
Beg. bal. $10,960
+ Sales from SJ $4,490
- Receipts from CRJ $7,030
- Allowance from GJ $220
= Endg bal. $8,200

Subsidiary accounts:
Ruiz:
Beg. bal. $1,440
+ Sale $1,260
- Receipt $1,240
= Endg bal. $1,460

Kingston
Beg. bal. $2,640
+ Sale $0
- Receipt $1,800
= Endg bal. $840

Bannister
Beg. bal. $2,060
+ Sale $1,100
- Receipt $1,310
= Endg bal. $1,850

Crampton
Beg. bal. $4,820
+ Sale $800
- Receipt $2,300
- Allowance $220
= Endg bal. $3,100

Iman
Beg. bal $0
+ Sale $1,330
- Receipt $380
= Endg bal. $950

AR listing:
Ruiz $1,460
Kingston $840
Bannister $1,850
Crampton $3,100
Iman $950
Total $8,200

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.