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. -

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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 2 weeks ago

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