ook Show Me How calculator enue and Cash Receipts Journals; Accounts Receivable
ID: 2538367 • Letter: O
Question
ook Show Me How calculator enue and Cash Receipts Journals; Accounts Receivable subsidiary and Gener ansactions related to revenue and cash receipts completed by Sterling Enginee June 2. Issued Invoice No. 717 to Yee Co., $1,430. Received cash from Auto-Flex Co. for the balance owed on its account Issued Invoice No. 718 to Cooper Development Co., $670. Issued Invoice No. 719 to Ridge Communities, $2,840. Post revenue and collections to the accounts receivable subsidiary ledg Received cash from Cooper Development Co. for the balance owed on Ju Issued Invoice No. 720 to Cooper Development Co., $400. Post revenue and collections to the accounts receivable subsidiary ledger 3. 7. 10. 14. 16. 18. Received cash from Yee Co. for the balance due on invoice of June 2. 20. Received cash from Cooper Development Co. for invoice of June 7. 23. Issued Invoice No. 721 to Auto-Flex Co., $860. 30. Received cash from fees earned, $4,520. 30. Received office equipment of $1,800 in partial settlement of balance due on Communities account. Post revenue and collections to the accounts receivable subsidiary ledger Required: Check My Work
Explanation / Answer
Problem asking for posting the transaction in account receivable subsdiary ledger. General ledger balance reflect the total of account receivable but not provide the information for individual balance of account receivable, to server this purpose account receivable subsidiary ledger is to be prepared.
ACCOUNT RECEIVABLE SUBSDIARY LEDGER
YEE CO.
AUTO FLEX CO.
COOPER DEVELOPMENT CO.
RIDGE COMMUNITIES
Entry for june 3rd transaction and entry for june 14 transaction is not posted here due to lack of information of past balances of these two account receivables and june 30 transaction of cash received of $ 4520 against doller is not a credit transaction hense not eligible to enter in Acc rec subsdiary ledger.
GENERAL LEDGER
ACCOUNT RECEIVABLES
So balance of all account receivable subsidiary ledgers as 0+ 860+400+1040 = $2300 is fully matched with ending balance of account receivable account of $ 2300.
Note:-
Question posted must have information abount begning balances of Auto Flex and cooper development to post the entries for june 3rd june 14 transaction but it is not provided so these entries are not posted in the solution but the procedure and objectives to prepare account receivable subsidiary ledger will be clear from the solution.
DATE REF. DEBIT CREDIT BALANCE JUNE 02 717 1430 - 1430 JUNE 18 - - 1430 0Related Questions
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