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At the end of May, the sales journal of Mountain View appears as follows.

\begin{tabular}{|c|c|c|c|c|c|}
\hline \multicolumn{6}{|c|}{Sales Journal} \\
\hline Date & \begin{tabular}{c}
Account \\
Debited
\end{tabular} & \begin{tabular}{c}
Invoice \\
Number
\end{tabular} & PR & \begin{tabular}{c}
Accounts Receivable Dr. \\
Sales Cr.
\end{tabular} & \begin{tabular}{c}
Cost of Goods Sold Dr. \\
Inventory Cr.
\end{tabular} \\
\hline May 6 & Aaron Reckers & 190 & & 3,880 & 3,120 \\
\hline 10 & Sara Reed & 191 & & 2,940 & 2,325 \\
\hline 17 & Anna Page & 192 & & 1,850 & 1,480 \\
\hline 25 & Sara Reed & 193 & & 1,340 & 1,075 \\
\hline 31 & Totals & & & 10,010 & 8,000 \\
\hline
\end{tabular}

Mountain View also recorded an allowance (price reduction) given to Anna Page with the following entry.

\begin{tabular}{|l|r|r|}
\hline May 20 & Sales Returns and Allowances & 350 & \\
& Accounts Receivable-Anna Page & & 350 \\
& Record allowance to customer & & \\
\hline
\end{tabular}

Required:

1. Open an accounts receivable subsidiary ledger that has a T-account for each customer listed in the sales journal. Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account.

2. Open a general ledger that has T-accounts for Accounts Receivable, Inventory, Sales, Sales Returns and Allowances, and Cost of Goods Sold. May's beginning balance of inventory was [tex]$\$ 20,000$[/tex]. Post the sales journal and any portion of the general journal entry that affects these accounts.

3. Prepare a schedule of accounts receivable and prove (confirm) that its total equals the balance in the Accounts Receivable controlling account.

Check (3): Ending Accounts Receivable, [tex]$\[tex]$ 9,660$[/tex][/tex]

Sagot :

GinnyAnswer
Certainly! Let's tackle this in a step-by-step manner.

### 1. Accounts Receivable Subsidiary Ledger

We'll start by opening T-accounts in the subsidiary ledger for each customer listed in the sales journal.

#### T-Accounts for Customers:

Aaron Reckers
```
----------------------------------
Aaron Reckers
----------------------------------
Dr | Cr
----------------------------------
3,880 |
----------------------------------
Balance | 3,880
```

Sara Reed
```
----------------------------------
Sara Reed
----------------------------------
Dr | Cr
----------------------------------
2,940 |
1,340 |
----------------------------------
Balance | 4,280
```

Anna Page
```
----------------------------------
Anna Page
----------------------------------
Dr | Cr
----------------------------------
1,850 |
350 (Cr) |
----------------------------------
Balance | 1,500
```

We have posted all the entries from the sales journal and the allowance given to Anna Page in these T-accounts.

### 2. General Ledger T-Accounts

Next, let's open the general ledger with T-accounts for the required accounts and post the relevant entries from both the sales journal and the general journal.

#### T-Accounts in General Ledger:

Accounts Receivable
```
----------------------------------
Accounts Receivable
----------------------------------
Dr | Cr
----------------------------------
10,010 |
350 (Return) |
----------------------------------
Balance | 9,660
```

Inventory
```
----------------------------------
Inventory
----------------------------------
Dr | Cr
----------------------------------
20,000 (Beginning) | 8,000
----------------------------------
Balance | 12,000
```

Sales
```
----------------------------------
Sales
----------------------------------
Dr | Cr
----------------------------------
| 10,010
----------------------------------
Balance | 10,010
```

Sales Returns and Allowances
```
----------------------------------
Sales Returns and Allowances
----------------------------------
Dr | Cr
----------------------------------
350 |
----------------------------------
Balance | 350
```

Cost of Goods Sold (COGS)
```
----------------------------------
Cost of Goods Sold
----------------------------------
Dr | Cr
----------------------------------
8,000 |
----------------------------------
Balance | 8,000
```

### 3. Schedule of Accounts Receivable

Let's prepare a schedule of accounts receivable and ensure its total matches the balance in the Accounts Receivable controlling account.

#### Schedule of Accounts Receivable:

| Customer | Amount ([tex]$) | |------------------|------------| | Aaron Reckers | 3,880 | | Sara Reed | 4,280 | | Anna Page | 1,500 | | Total | 9,660 | The total in the schedule of accounts receivable is $[/tex]9,660, which matches the balance in the Accounts Receivable controlling account in the general ledger.

### Conclusion

This confirms that the subsidiary ledger and the general ledger are in agreement, and we have balanced the accounts appropriately.

Thus, the ending balance for the Accounts Receivable controlling account is indeed $9,660.
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