Answered step by step
Verified Expert Solution
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
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started