Exercise 7-03 a-c (Part Level Submission) (Video)

On September 1, the balance of the Accounts Receivable control account in the general ledger of Montgomery Company was $10,960. The customers subsidiary ledger contained account balances as follows: Hurley $1,440, Andino $2,640, Fowler $2,060, and Sogard $4,820. At the end of September, the various journals contained the following information.

Sales journal:		Sales to Sogard $800, to Hurley $1,260, to Giambi $1,330, and to Fowler $1,600.
Cash receipts journal:		Cash received from Fowler $1,310, from Sogard $3,300, from Giambi $380, from Andino $1,800, and from Hurley $1,240.
General journal:		An allowance is granted to Sogard $220.

(a)

Set up control and subsidiary accounts and enter the beginning balances.

Accounts Receivable
Date	Explanation	Ref.	Debit	Credit	Balance
Sept. 1	Balance
Accounts Receivable Subsidiary Ledger
Fowler
Date	Explanation	Ref.	Debit	Credit	Balance
Sept. 1	Balance
Sogard
Date	Explanation	Ref.	Debit	Credit	Balance
Sept. 1	Balance
Giambi
Date	Explanation	Ref.	Debit	Credit	Balance
Sept. 1	Balance
Andino
Date	Explanation	Ref.	Debit	Credit	Balance
Sept. 1	Balance
Hurley
Date	Explanation	Ref.	Debit	Credit	Balance
Sept. 1	Balance