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Exercise 7.9 (Algo) Posting to the general ledger and the accounts receivable ledger. LO 7-4 Assume the following account balances at January 1, 20X1: Accounts

Exercise 7.9 (Algo) Posting to the general ledger and the accounts receivable ledger. LO 7-4

Assume the following account balances at January 1, 20X1:

Accounts Receivable (control account) $ 8,160
Accounts ReceivableJohn Gibrone 5,000
Accounts ReceivableJim Garcia 2,120
Accounts ReceivableJune Lin 1,040

GENERAL JOURNAL
DATE DESCRIPTION POST. REF. DEBIT CREDIT
20X1
Jan. 8 Cash 500
Accounts Receivable/John Gibrone 500
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
January 2, 20X1

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

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