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

Question:

Based upon the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for SSC Corp., which had a $540 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 customer balance summary report at September 30, 2008.

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...