Question

The general journal for Allie's Bakery is shown below.

DATE		DESCRIPTION	DEBIT	CREDIT
2019
Aug.	10	Accounts Receivable/K. Bourges	4,285.00
		Sales Tax Payable		353.51
		Sales		3,931.49
		Sales slip 711
	15	Accounts Receivable/T. Sanders	484.00
		Sales Tax Payable		39.93
		Sales		444.07
		Sales slip 723
	18	Accounts Receivable/R. Ballard	1,771.00
		Sales Tax Payable		146.11
		Sales		1,624.89
		Sales slip 740
	30	Accounts Receivable/K. Fisher	725.00
		Sales Tax Payable		59.81
		Sales		665.19
		Sales slip 752

     
Post the above entries into the accounts receivable subsidiary ledger.

Answer 1

Accounts Receivable Subsidiary Ledger:

It shows the Sales Transaction, Sales Return Transaction and Payment Transaction for each customer. The balance in Accounts Receivable subsidiary ledger of all customers is reconciled periodically with the Accounts Receivable General Ledger.

For Exmaple: Wendy Inc. sells goods to 2 customer, John ($5,000) Daniel ($6.000). Therefore , the Individual sunsidiary ledgers of John and Daniel will show receivables balance of $5,000 and $6.000 respectively whereas the General Ledger will account for a Total receivables of $11,000.

POSTING OF TRANSACTIONS RECORDED IN GENERAL JOURNAL TO ACCOUNTS RECEIVABLE SUBSIDIARY LEDGERS:

NAME		K. Bourges
ADDRESS
DATE		DESCRIPTION	POST REF.	DEBIT	CREDIT	BALANCE
2019
Aug.	1	Balance				-
Aug.	10	Sales Slip 711		4,285.00		4,285.00

NAME		T. Sanders
ADDRESS
DATE		DESCRIPTION	POST REF.	DEBIT	CREDIT	BALANCE
2019
Aug.	1	Balance				-
Aug.	15	Sales Slip 723		484.00		484.00

NAME		R. Ballard
ADDRESS
DATE		DESCRIPTION	POST REF.	DEBIT	CREDIT	BALANCE
2019
Aug.	1	Balance				-
Aug.	18	Sales Slip 740		1,771.00		1,771.00

NAME		K. Fisher
ADDRESS
DATE		DESCRIPTION	POST REF.	DEBIT	CREDIT	BALANCE
2019
Aug.	1	Balance				-
Aug.	30	Sales Slip 752		725.00		725.00