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In: Accounting

At December 31, 2021, the general ledger and subsidiary ledger for Albert's, a small auto parts...

At December 31, 2021, the general ledger and subsidiary ledger for Albert's, a small auto parts store, showed the following:

General Ledger		Accounts Receivable Subsidiary Ledger
Accounts receivable	$73,800	Best Auto Repair	$3,900
Allowance for doubtful accounts	3,700	Brown’s Repair	23,600
		Custom Repair	0
		Jen’s Auto Body	32,200
		Luxury Autos	14,100
		Total	$73,800

Jan. 3		Brown’s Repair paid $19,400 on its account.
4		Custom Repair paid $1,400 on its account that had previously been written off.
8		Jen’s Auto Body purchased $3,400 of merchandise on account.
9		Antique Auto Repair paid cash for $1,500 of merchandise.
18		Jen's Auto Body returned $700 of the merchandise it purchased on Jan. 8.
19		Luxury Autos paid $14,100 on its account.
20		Jen’s Auto Body paid $23,900 on its account.
23		Brown’s Repair purchased $5,100 on account.
25		Custom Repair purchased $10,800 of merchandise on Visa.
26		Luxury Autos purchased $18,600 of merchandise on account.
31		Albert’s determined that the Best Auto Repair account receivable was not collectible.

Record the above transactions. Ignore credit card fees and any inventory, cost of goods sold, and refund liability for the purposes of this question. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date

Account Titles and Explanation

Debit

Credit

Set up T accounts for the Accounts Receivable general ledger (control) account, the Allowance for Doubtful Accounts general ledger account, and the Accounts Receivable subsidiary ledger accounts. Post the journal entries to these accounts.

- Accounts Receivable

- Allowance for Doubtful Accounts

- Accounts Receivable—Best Auto Repair

- Accounts Receivable—Brown’s Repair

- Accounts Receivable—Custom Repair

- Accounts Receivable—Jen’s Auto Body

- Accounts Receivable—Luxury Autos

Expert Solution

Notes: The total of Accounts receivable subsidiary ledger balances should tally with Accounts receivable general ledger balance.

ekkarill92 answered 2 years ago

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