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In: Accounting
On September 1, the balance of the Accounts Receivable control account in the general ledger of...
On September 1, the balance of the Accounts Receivable control account in the general ledger of Montgomery Company was $10,520. The customers’ subsidiary ledger contained account balances as follows: Hurley $1,450, Andino $2,290, Fowler $2,080, and Sogard $4,700. At the end of September, the various journals contained the following information. Sales journal: Sales to Sogard $750, to Hurley $1,100, to Giambi $1,360, and to Fowler $1,120. Cash receipts journal: Cash received from Fowler $1,370, from Sogard $2,130, from Giambi $330, from Andino $1,710, and from Hurley $1,190. General journal: An allowance is granted to Sogard $110. -Set up control and subsidiary accounts and enter the beginning balances. -Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. -Prepare a schedule of accounts receivable and prove the agreement of the controlling account with the subsidiary ledger at September 30, 2017. -
Solutions
Expert Solution
| Accounts Receivable | ||||
| Date | Explanation | Debit | Credit | Balance |
| Sep 1 | Balance | 10,520 | ||
| Sep 30 | Sales journal (750+1100+1360+1120) | 4330 | 14,850 | |
| Sep 30 | Cash receipts journal (1370+2130+330+1710+1190) | 6730 | 8,120 | |
| Sep 30 | General journal | 110 | 8,010 | |
| Subsidiary Ledger | ||||
| Hurley | ||||
| Date | Explanation | Debit | Credit | Balance |
| Sep 1 | Balance | 1,450 | ||
| Sep 30 | Sales journal | 1,100 | 2,550 | |
| Sep 30 | Cash receipts journal | 1,190 | 1,360 | |
| Andino | ||||
| Date | Explanation | Debit | Credit | Balance |
| Sep 1 | Balance | 2,290 | ||
| Sep 30 | Cash receipts journal | 1,710 | 580 | |
| Fowler | ||||
| Date | Explanation | Debit | Credit | Balance |
| Sep 1 | Balance | 2,080 | ||
| Sep 30 | Sales journal | 1,120 | 3,200 | |
| Sep 30 | Cash receipts journal | 1,370 | 1,830 | |
| Sogard | ||||
| Date | Explanation | Debit | Credit | Balance |
| Sep 1 | Balance | 4,700 | ||
| Sep 30 | Sales journal | 750 | 5,450 | |
| Sep 30 | Cash receipts journal | 2,130 | 3,320 | |
| Sep 30 | General journal | 110 | 3,210 | |
| Giambi | ||||
| Date | Explanation | Debit | Credit | Balance |
| Sep 1 | Balance | - | ||
| Sep 30 | Sales journal | 1,360 | 1,360 | |
| Sep 30 | Cash receipts journal | 330 | 1,030 | |
Prove the agreement of the controlling account with the subsidiary ledger at September 30, 2017
| Accounts Receivable From Subsidiary Ledger | |
| Hurley | $ 1,360 |
| Andino | $ 580 |
| Fowler | $ 1,830 |
| Sogard | $ 3,210 |
| Giambi | $ 1,030 |
| Total Accounts Receivable From Subsidiary Ledger | $ 8,010 |
| Total Accounts Receivable From General Ledger | $ 8,010 |
ekkarill92 answered 5 months agoRelated Solutions
On September 1, the balance of the Accounts Receivable control account in the general ledger of...
On September 1, the balance of the Accounts Receivable control
account in the general ledger of Montgomery Company was
$10,600.
The beginning balances are posted to each subsidiary account
below
From the sales journal, transactions are: Sales to Sogard $740,
to Hurley $1,160, to Giambi $1,350, and to Fowler $1,240.
From the cash receipts journal, transactions are: Cash received
from Fowler $1,290, from Sogard $2,320, from Giambi $280, from
Andino $1,630, and from Hurley $1,100
From the general journal, transactions...
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The customers’ subsidiary ledger contained account balances as
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following information.
Sales journal:
Sales to Sogard $800, to Hurley $1,260, to Giambi $1,330, and
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