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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 6 months ago
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