Exercise 7.10 Preparing a schedule of accounts receivable. LO 7-5

Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company.

Assume the following account balances at January 1, 2019:

Accounts Receivable (control account)	$	8,520
Accounts ReceivableJohn Gibrone		5,300
Accounts ReceivableJim Garcia		2,150
Accounts ReceivableJune Lin		1,070

GENERAL JOURNAL

DATE

DESCRIPTION

POST. REF.

DEBIT

CREDIT

2019

Jan.

8

Cash

530

Accounts Receivable/John Gibrone

530

Received partial payment on

account from John Gibrone

20

Sales Returns and Allowances

300

Sales Tax Payable

24

Accounts Receivable/Jim Garcia

324

Accept return of defective

merchandise, Credit

Memorandum 121; original sale

made on Sales Slip 11102 of

December 27, 2018

1. Prepare a schedule of accounts receivable for Calderone Company at January 31, 2019.
2. Should the total of your accounts receivable schedule agree with the balance of the Accounts Receivable account in the general ledger at January 31, 2019?