Mazzone and Associates Accounts Receivable Control account in the general ledger on 1 September was $17 755.

Question:

Mazzone and Associates Accounts Receivable Control account in the general ledger on 1 September was $17 755. The subsidiary ledger contained the following accounts receivable accounts and balances at the same date: Quach $2330, Ridley $4277, Scafidi $3337, Talbot $7811. At 30September, a summary of entries made in the journals shown were:

General journal: Talbot returned goods for a credit of $178.

Sales journal: Recorded credit sales were: Talbot $1290, Quach $2180, Ubhey $1670, Scafidi $1780.

Cash receipts journal: Cash amounts received from accounts receivable were (no discounts were allowed):

Talbot $3730, Ubhey $660, Scafidi $2120, Ridley $2920, Quach $2010.

Required

A. Enter the opening balances of the control account and subsidiary ledger accounts and post the September entries and totals in the three journals to the accounts (ignore GST).

B. Prepare a schedule of accounts receivable at 30 September and reconcile the total with the control account in the general ledger.

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...

Fantastic news! We've Found the answer you've been seeking!