$-7$ Posting transactions from a cash receipts journal to a subsidiary ledger

and general ledger

Review your results from Short Exercise S $-$F:$7-6.$

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.