-Journalize the transactions. Ignore Cost of Goods Sold. Omit explanations. -Pos

Question

-Journalize the transactions. Ignore Cost of Goods Sold. Omit explanations.

-Post the transactions to the general ledger and the accounts receivable subsidiary ledger. Assume all beginning balances are $0.

-Verify the ending balance in the control Accounts Receivable equals the sum of the balances in the subsidiary ledger.

Steller Company had the following transactions in June: Jun. 1 Sold merchandise inventory on account to Carter Company, $1,575 6 Sold merchandise inventory for cash, $550. 12 Received cash from Carter Company in full settlement of its accounts receivable. 20 Sold merchandise inventory on account to Iris Company, $765 22 Sold merchandise inventory on account to Driver Company, $230. 28 Received cash from Iris Company in partial settlement of its accounts receivable, $300 Requirements 1. Journalize the transactions. Ignore Cost of Goods Sold. Omit explanations. 2. Post the transactions to the general ledger and the accounts receivable subsidiary ledger. Assume all beginning balances are $0. 3. Verify the ending balance in the control Accounts Receivable equals the sum of the balances in the subsidiary ledger

Explanation / Answer

Solution:-

(1)

(2) Sales A/c

Cash A/c

Carter Co A/c

Iris Co. A/c

Drivers Co. A/c

Date Particulars Debit Credit 1 june Carter Company 1575 To Sales 1575 6 june Cash 550 To Sales 550 12 june Cash 1575 To Carter company 1575 20 june Iris Company 765 To sales 765 22 june Drivers company 230 To sales 230 28 june Cash 300 To iris Company 300

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