may someone help me resolve this question. thank you Exercise 7-1 Accounts recei

Question

may someone help me resolve this question. thank you

Exercise 7-1 Accounts receivable subsidiary ledger; schedule of accounts receivable LO C1 [The following information applies to the questions displayed below.] Vail Company recorded the following selected transactions during November 2015.

Date General Journal Debit Credit Nov. 5 Accounts Receivable—Ski Shop 5,200 Sales 5,200 10 Accounts Receivable—Welcome Enterprises 1,761 Sales 1,761 13 Accounts Receivable—Zia Natara 1,033 Sales 1,033 21 Sales Returns and Allowances 267 Accounts Receivable—Zia Natara 267 30 Accounts Receivable—Ski Shop 3,671 Sales 3,671

Exercise 7-1 Part 1 1. Prepare a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Post these entries to both the general ledger and the accounts receivable ledger

2. Prepare a schedule of accounts receivable.

Explanation / Answer

Account Receivable Date Particulars Amount Date Particulars Amount Nov-05 Sales 5200 Nov-21 Sales Return & Allowances 267 Nov-10 Sales 1761 Nov-13 Sales 1033 Nov-30 Sales 3671 Nov-30 Balance 11398 Total 11665 Total 11665 Sales Date Particulars Amount Date Particulars Amount Nov-05 Account Receivable 5200 Nov-10 Account Receivable 1761 Nov-13 Account Receivable 1033 Nov-30 Balance 11665 Nov-30 Account Receivable 3671 Total 11665 Total 11665 Sales Return & Allowances Date Particulars Amount Date Particulars Amount Nov-21 Account Receivable 267 Nov-30 Balance 267 Total 267 Total 267 Schedule of Account receivable S.no. Party Sales Addition Sales return & allowance Balance 1 Ski Shop 5200 3671 8871 2 Welcome Enterprises 1761 1761 3 Zia Natara 1033 267 766 Total 11398

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