On 1 May, the accounts receivable subsidiary ledger of Gerome Ltd had the following balances: Jackson Ltd
Question:
On 1 May, the accounts receivable subsidiary ledger of Gerome Ltd had the following balances: Jackson Ltd $7,580 and PCW Ltd $7,860.
The following transactions occurred during May:
2 May Sold goods on credit to PCW Ltd for $1,700.
4 May Sold goods on credit to Garden Supplies for $550.
10 May Received cash from Garden Supplies $550.
14 May Sold goods on credit to Jackson Ltd for $1,500.
22 May PCW Ltd paid in full and received $260 discount allowed.
Required: (ignore GST and COGS for this question)
Enter the opening balances and post the transactions to the control and subsidiary ledger accounts.
Gerome Ltd
Accounts Receivable Control Account
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Accounts Receivable Subsidiary Ledger
Jackson Ltd
| Date | Account | Debit | Credit | Balance |
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Garden Supplies
| Date | Account | Debit | Credit | Balance |
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PCW Ltd
| Date | Account | Debit | Credit | Balance |
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Expert Answer:
