Posting to subsidiary ledger accounts; preparing a schedule of account receivable 

At the end of May, the sales journal of Mountain View appears as follows. (There are no sales taxes on Mountain View’s sales.)

Required

I. Open an accounts receivable subsidiary ledger that has a T-account for each customer listed in the sales journal. Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer’s account. Ignore sales tax. Assume that these accounts have zero balances at the beginning of May.
2. Open a general ledger that has T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Assume that these accounts have zero balances at the beginning of May. Post the sales journal and any portion of the general journal entry that affects these accounts.
3. Prepare a schedule of accounts receivable as of May 31 and prove that its total equals the balance in the Accounts Receivable controlling account at May 31.

Transcribed Image Text:

Sales Journal Account Invoice Date Debited Number H PR Accounts Receivable Dr. Sales Cr. May 6 Aaron Reckers 190 3,880 3,880 0725 10 Sara Reed 191 2,940 2,940 17 Anna Page 192 1,850 1,850 Sara Reed 193 1,340 1,340 31 Totals 10,010 10,010 xo