1. Open the general ledger accounts and accounts receivable ledger accounts indicated below. Enter the balances as of May 1, 20X1.
2. Post the entries from the general journal in Problem 7.4B to the appropriate accounts in the general ledger and in the accounts receivable ledger.
3. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable control account with the total of the schedule.

Data from in Problem 7.4B

The Urban Florist is a wholesale shop that sells flowers, plants, and plant supplies. Transactions involving sales and cash receipts for the firm during May 20X1 follow. The firm sells its merchandise for cash and on open account. During May, The Urban Florist engaged in the following transactions:

GENERAL LEDGER ACCOUNTS

ACCOUNTS RECEIVABLE LEDGER ACCOUNTS

Analyze: 

What were total sales on account in May, prior to any returns, allowances, or discounts?

Transcribed Image Text:

DATE 20X1 May 1 4 TRANSACTIONS Sold floral arrangements for $450 to Annie's Flowers; issued Invoice 9312 with terms of 2/10, n/30. Received a check for $1,176 from Orange County Florist in payment of Invoice 9299 of April 25 ($1,200), less cash discount ($24).