EXERCISES Exercise 8-1 Subledger accounts LO1 Wallace Contracting recorded the following transactions during November 2020: Nov. 3 8.500 8,500 8 2,600 2.600 11 Accounts Receivable-ABC Shop Sales......... Accounts Receivable--Colt Enterprises........ Sales'.......... Accounts Recelvable-Red McKenzie Sales .......... Sales Returns and Allowances Accounts Receivable-Red McKenzie...... Accounts Recelvable-ABC Shop. Sales 1.560 1,560 19 214 214 28 4.980 4.980 "Cost of goods sold for COGS) has been ignored for the purpose of maintaining focus on accounts receivable. Required 1. Open a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowan- ces. Also open an accounts receivable subledger having a T-account for each customer. Post the preceding entries to the general ledger accounts and the customer accounts. 2. List the balances of the accounts in the subledger, total the balances, and compare the total with the bal ance of the Accounts Receivable controlling account. An asterisk (*) identifies assignment material based on Annendiren Ex. 8-1 B D E G H Accounts Receivables PAGE Credit Sales PR Debit GENERAL JOURNAL Account Titles & Explanation 20 Account Receivable - ABC Shop Sales 8,500.00 8,500.00 8 Accounts Receivable - Colt Enterprises Sales 2,600.00 2,600.00 21 Accounts Receivable - Red Mckenzie Sales 1,560.00 1,560.00 Sales Returns Allowances 19 214.00 Sales Returns and Allowances Accounts Receivable - Red McKenzie 214.00 28 Accounts Receivable. ABC Shop Sales 4,980.00 4.980.00 58-5- 0.5 8-7- 0.518-9 0.5 3.10 - EN 8-1- Ex 84- EX. 8-7- EX: 8-9