Review your results from Short Exercise SB-6.

Requirements

1. Total each column of the cash receipts journal.

2. Open the following four-column accounts in the accounts receivable subsidiary ledger: Accounts Receivable-Dylan, Bal. $5,280; Accounts Receivable-Next, Bal. $2,250. Post the transactions to the accounts receivable subsidiary ledger.

3. Open the following selected four-column accounts in the general ledger: Cash (111), Bal. $4,550; Accounts Receivable (112), Bal. $7,530; Merchandise Inventory (118), Bal. $3,250; Sales Revenue (411), Bal. $25,000; Sales Discounts Forfeited (412); Interest Revenue (419); Cost of Goods Sold (511), Bal. $14,500. Post the total of each column to the general ledger. Also, post the Other Accounts column to the general ledger.

4. Balance the total of the customer ending balances in the accounts receivable subsidiary ledger against Accounts Receivable in the general ledger.

Short Exercise SB-6.

Jul. 5 Sold merchandise inventory for cash, $1,700. Cost of goods, $1,400.

12 Collected interest revenue of $2,050.

18 Received cash from Heidi Next, $1,200, on account. There was no discount.

29 Received $5,300 from Mitch Dylan in full settlement of his account receivable including sales discounts forfeited of $20.

Transcribed Image Text:

Cash Receipts Journal Page 3 Cost of Goods Sold DR Merchandise Inventory CR Sales Discounts Forfeited CR Account Credited Other Accounts CR Post. Accounts Sales Ref. Cash DR Receivable CR Revenue CR Date 2018