Exercise 7.10 Preparing a schedule of accounts receivable. LO7-5
Post the entries in the general journal below to the AccountsReceivable account in the general ledger and to the appropriateaccounts in the accounts receivable ledger for CalderoneCompany.
Assume the following account balances at January 1,2019:
|
| AccountsReceivable (control account) | $ | 8,520 | |
| AccountsReceivable—John Gibrone | | 5,300 | |
| AccountsReceivable—Jim Garcia | | 2,150 | |
| AccountsReceivable—June Lin | | 1,070 | |
|
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| GENERAL JOURNAL | |
| DATE | DESCRIPTION | POST.
REF. | | DEBIT | | CREDIT | |
| 2019 | | | | | | | | | | | |
| Jan. | 8 | Cash | | | | 530 | | | | | | |
| | AccountsReceivable/John Gibrone | | | | | | | | 530 | | |
| | Received partialpayment on | | | | | | | | | | |
| | account fromJohn Gibrone | | | | | | | | | | |
| | | | | | | | | | | | |
| 20 | Sales Returnsand Allowances | | | | 300 | | | | | | |
| | Sales TaxPayable | | | | 24 | | | | | | |
| | AccountsReceivable/Jim Garcia | | | | | | | | 324 | | |
| | Accept return ofdefective | | | | | | | | | | |
| | merchandise,Credit | | | | | | | | | | |
| | Memorandum 121;original sale | | | | | | | | | | |
| | made on SalesSlip 11102 of | | | | | | | | | | |
| | December 27,2018 | | | | | | | | | | |
|
- Prepare a schedule of accounts receivable for CalderoneCompany at January 31, 2019.
- Should the total of your accounts receivable schedule agreewith the balance of the Accounts Receivable account in the generalledger at January 31, 2019?
