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Exercise 7.10 Preparing a schedule of accounts receivable. LO 7-5 Post the entries in the general...

Exercise 7.10 Preparing a schedule of accounts receivable. LO 7-5

Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company.

Assume the following account balances at January 1, 2019:


Accounts Receivable (control account)	$	8,520
Accounts Receivable—John Gibrone		5,300
Accounts Receivable—Jim Garcia		2,150
Accounts Receivable—June Lin		1,070

GENERAL JOURNAL

DATE

DESCRIPTION

POST.
REF.

DEBIT

CREDIT

2019

Jan.

Cash

530

Accounts Receivable/John Gibrone

530

Received partial payment on

account from John Gibrone

Sales Returns and Allowances

300

Sales Tax Payable

Accounts Receivable/Jim Garcia

324

Accept return of defective

merchandise, Credit

Memorandum 121; original sale

made on Sales Slip 11102 of

December 27, 2018

Prepare a schedule of accounts receivable for Calderone Company at January 31, 2019.
Should the total of your accounts receivable schedule agree with the balance of the Accounts Receivable account in the general ledger at January 31, 2019?

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ekkarill92 answered 7 months ago

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