Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts

Question:

Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Sunrise Enterprises, which had a $480 beginning balance. In addition, there were no collections during the period.

a. Set up a T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger.

b. Post to the T accounts.

c. Determine the balance in the accounts.

d. Prepare a listing of the accounts receivable customer balances as of March 31, 2014.

Exercise 5-1:

Identify postings from revenue journal:

Using the following revenue journal for Zeta Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts
or (2) posting to subsidiary ledger accounts.

REVENUE JOURNAL Accounts Rec. Dr. Fees Earned Cr. Invoice Post. Account Debited Ref. Date No. 2014 Hazmat Safety Co. Mas

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...