Galactic Corporation had the following transactions in June: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions. Ignore Cost of Goods Sold. Omit explanations. (Record debits first, then credits. Exclude explanations from journal entries.) Jun. 1: Sold merchandise inventory on account to Cody Company, $1,485. Date Accounts and Explanation Debit Credit i More Info Jun. 1 Accounts ReceivableCody Company 1485 Sales Revenue 1485 Jun. 1 6 12 Jun. 6: Sold merchandise inventory for cash, $730. Sold merchandise inventory on account to Cody Company, $1,485. Sold merchandise inventory for cash, $730. Received cash from Cody Company in full settlement of its accounts receivable. Sold merchandise inventory on account to Ivy Company, $950. Sold merchandise inventory on account to Delvo Company, $150. Received cash from Ivy Company in partial settlement of its accounts receivable, $400. Date Accounts and Explanation Debit Credit 20 22 Jun. 6 Cash 730 28 Sales Revenue 730 Print Done Jun. 12: Received cash from Cody Company in full settlement of its accounts receivable. Galactic Corporation had the following transactions in June: i (Click the icon to view the transactions.) Read the requirements. Jun. 12: Received cash from Cody Company in full settlement of its accounts receivable. Date Accounts and Explanation Debit Credit Jun. 12 Cash 1485 i More Info Accounts ReceivableCody Company 1485 Jun. 1 6 Jun. 20: Sold merchandise inventory on account to Ivy Company, $950. 12 Date Accounts and Explanation Debit Credit Sold merchandise inventory on account to Cody Comp $1,485. Sold merchandise inventory for cash, $730. Received cash from Cody Company in full settlement of its accounts receivable. Sold merchandise inventory on account to Ivy Company, $950. Sold merchandise inventory on account to Delvo Company, $150. Received cash from Ivy Company in partial settlement of its accounts receivable, $400. 20 Jun. 20 Accounts ReceivableIvy Company 765 22 28 Sales Revenue 765 Print Done Jun. 22: Sold merchandise inventory on account to Delvo Company, $150. 11 1 11 Galactic Corporation had the following transactions in June: (Click the icon to view the transactions.) Read the requirements. Jun. 22: Sold merchandise inventory on account to Delvo Company, $150. Date Accounts and Explanation Debit Credit Jun. 22 Accounts ReceivableDelvo Company 150 More Info Sales Revenue 150 Jun. 1 6 Jun. 28: Received cash from Ivy Company in partial settlement of its accounts receivable, $400. 12 Date Accounts and Explanation Debit Credit Sold merchandise inventory on account to Cody Company, $1,485. Sold merchandise inventory for cash, $730. Received cash from Cody Company in full settlement of its accounts receivable. Sold merchandise inventory on account to Ivy Company, $950. Sold merchandise inventory on account to Delvo Company, $150. Received cash from Ivy Company in partial settlement of its accounts receivable, $400. 20 Jun. 28 Cash 400 22 Accounts ReceivableIvy Company 400 28 Requirement 2. Post the transactions to the general ledger and the accounts receivable subsidiaryl Print Done Post the transactions to both the general ledger and accounts receivable subsidiary ledger accounts Requirement 2. Post the transactions to the general ledger and the accounts receivable subsidiary ledger. Assume all beginning balances are $0. Post the transactions to both the general ledger and accounts receivable subsidiary ledger accounts and then calculate the ending balance of each account. Denote the ending account balance as Bal. (Enter a "0" on the normal side of the account for any zero balances.) Review the journal entries prepared in Requirement 1. GENERAL LEDGER SUBSIDIARY LEDGER Cash Accounts ReceivableCody Accounts Receivable Accounts ReceivableDelvo Accounts Receivable Accounts Receivable-Delvo Sales Revenue Accounts Receivable-lvy Requirement 3. Verify the ending balance in the control Accounts Receivable equals the sum of the balances in the subsidiary ledger. (Complete all answer boxes. Enter a "0" for any zero balances.) Control Account Accounts Receivable Requirement 3. Verify the ending balance in the control Accounts Receivable equals the sum of the balances in the subsidiary ledger. (Complete all answer boxes. Enter a "0" for any zero balances.) Control Account Accounts Receivable Subsidiary Ledger: Cody Company Delvo Company Ivy Company Total
