Morales Company recorded the following selected transactions during November 201

Question

Morales Company recorded the following selected transactions during November 2013.

1.Open a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Also open an accounts receivable subsidiary ledger having a T-account for each customer. Post these entries to both the general ledger and the accounts receivable ledger.

2.Prepare a schedule of accounts receivable (see Exhibit 9.4) and compare its total with the balance of the Accounts Receivable controlling account as of November 30.

Explanation / Answer

Morales Company recorded the following selected transactions during November 2013.
1.Open a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Also open an accounts receivable subsidiary ledger having a T-account for each customer. Post these entries to both the general ledger and the accounts receivable ledger.
2.Prepare a schedule of accounts receivable (see Exhibit 9.4) and compare its total with the balance of the Accounts Receivable controlling account as of November 30.

Morales Company recorded the following selected transactions during November 2013.
1.Open a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Also open an accounts receivable subsidiary ledger having a T-account for each customer. Post these entries to both the general ledger and the accounts receivable ledger.
2.Prepare a schedule of accounts receivable (see Exhibit 9.4) and compare its total with the balance of the Accounts Receivable controlling account as of November 30.

Date General Journal Debit Credit 5-Nov Accounts Receivables______ Ski Shop $4,670 Sales $4,670 10-Nov Accounts Receivables______Welcome Enterprises $2,435 Sales $2,435 13-Nov Accounts Receivables______Zia Natara $1,428 Sales $1,428 21-Nov Sales Return and allowances $368 Accounts Receivables______Zia Natara $368 30-Nov Accounts Receivables______ Ski Shop $5,076 Sales $5,076 General Ledger Accounts Recivables 5-Nov $4,670 21-Nov $368 10-Nov $2,435 13-Nov $1,428 30-Nov $5,076 End Bal. $13,241 Sales 5-Nov $4,670 10-Nov $2,435 13-Nov $1,428 30-Nov $5,076 End Bal. $13,609 Sales Return and allowances 21-Nov $368 End Bal. $368 Welcome enterprises 10-Jan $2,435 End Bal. $2,435 Zia Natara 13-Nov $1,428 21-Nov $368 End Bal. $1,060 Ski Shop 5-Nov $4,670 30-Nov $5,076 End Bal. $9,746 2.Prepare a schedule of accounts receivable Morales Company Schedule of accounts receivable Nov 30 ,2013 Ski Shop $9,746 Zia Natara $1,060 Welcome Enterprise $2,435 $13,241

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