Question

Vail Company recorded the following selected transactions during November Current Year.

Date			General Journal	Debit		Credit
Nov.	5		Accounts Receivable—Ski Shop	4,689
			Sales			4,689
	10		Accounts Receivable—Welcome Enterprises	2,495
			Sales			2,495
	13		Accounts Receivable—Zia Natara	1,463
			Sales			1,463
	21		Sales Returns and Allowances	377
			Accounts Receivable—Zia Natara			377
	30		Accounts Receivable—Ski Shop	5,202
			Sales			5,202

Exercise 7-1 Part 1

1. Prepare a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Post these entries to both the general ledger and the accounts receivable ledger.

2. Prepare a schedule of accounts receivable.

Answer 1

General ledger
Accounts Receivable						Sales
Nov 5	4689	377	Nov 21					4689	Nov 5
Nov 10	2495							2495	Nov 10
Nov 13	1463							1463	Nov 13
Nov 30	5202							5202	Nov 30
End. Bal.	13472					End. Bal.		13849
Sales return and allowances						Accounts Receivable subsidiary ledger
Nov 21	377					Ski Shop
						Nov 5	4689
						Nov 30	5202
End. Bal.	377
						End. Bal.	9891
Welcome Enterprises						Zia Natara
Nov 10	2495					Nov 13	1463	377	Nov 21
End. Bal.	2495					End. Bal.	1086
2
VAIL COMPANY
Schedule of Accounts Receivable
November 30, Current year
Ski Shop	9891
Welcome Enterprises	2495
Zia Natara	1086
Total	13472