Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 7-3 (Part Level Submission) On September 1, the balance of the Accounts Receivable control account in the general ledger of Montgomery Company was $11,210.

image text in transcribed

image text in transcribed

Exercise 7-3 (Part Level Submission) On September 1, the balance of the Accounts Receivable control account in the general ledger of Montgomery Company was $11,210. The customers' subsidiary ledger contained account balances as follows: Hurley $1,580, Andino $2,560, Fowler $2,190, and Sogard $4,880. At the end of September, the various journals contained the following information. Sales journal: Sales to Sogard $720, to Hurley $1,190, to Giambi $1,330, and to Fowler $1,230. Cash receipts journal: Cash received from Fowler $1,320, from Sogard $2,390, from Giambi $490, from Andino $1,720, and from Hurley $1,210. General journal: An allowance is granted to Sogard $280. (c) Prepare a schedule of accounts receivable and prove the agreement of the controlling account with the subsidiary ledger at September 30, 2017. MONTGOMERY COMPANY Schedule of Accounts Receivable As of September 30, 2017 $

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

Students also viewed these Accounting questions