Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

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. Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. Accounts Receivable Debit Credit Balance Date Explanation Ref. Sept. 1 Balance 10,960 S XXX IM CR x x G Accounts Receivable Subsidiary Ledger Fowler Debit Credit Balance Date Explanation Ref. Sept. 1 Balance 2,060 S x CR mm Sogard Date Explanation Ref. Sept. 1 Balance Debit Credit Balance 4,820 S XXX 10 CR G Giambi Debit Credit Balance Date Explanation Ref. Sept. 1 0 S x x x x XX CR Andino Debit Credit Balance Date Explanation Ref. Sept. 1 Balance 2,640 X CR Hurley Date Explanation Ref. Sept. 1 Balance Debit Credit Balance 1,440 S II CR

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Assurance And Risk

Authors: W Robert Knechel, Steven E Salterio

4th Edition

1315531720, 9781315531724

More Books

Students also viewed these Accounting questions