Question
On September 1 the balance of the Accounts Receivable control account in the general ledgerof Seaver Company was $10,960. The customers' subsudiary ledger contained account
On September 1 the balance of the Accounts Receivable control account in the general ledgerof Seaver Company was $10,960. The customers' subsudiary ledger contained account balances as follows: Ruiz: $1,440; Kingston $2,640; Bannister $2,060; Crampton $4,820. At the end of September the various journals contained the following information. Sales journal: Sales to Crampton $800; to Ruiz $1,260; to Iman $1,330; to Bannister $1,100. Cash receipt journal: Cash received from Bannister $1,310; from Crampton $2,300; from Iman $380, from Kingston $1,800; from Ruiz $1,240. General journal: An allowance was granted to Crampton $220. Instructions: Sent up control and subsidiary accounts and enter the beginning balances. Do not construct the journals. Post the various journals. Post the items as individual items or as totals, whichever would be the appropiate procedure. (No sales discounts given). Prepare a list of customers and prove the agreement of the controlling account with the subsidiary ledger at September 30, 2010.
EXERCISE 7-3 a&b General Ledger Accounts Receivable Date Explanation 9/1 Balance Ref S CR G Debit Credit Balance Accounts Receivable Subsidiary Ledger Bannister Date Explanation 9/1 Balance Crampton Date Explanation 9/1 Balance Iman Date 9/1 Explanation Ref S CR Debit Credit Balance Ref S CR G Debit Credit Balance Ref Debit Credit Balance S CR Kingston Date 9/1 Explanation Balance Ref CR Debit Credit Balance Ruiz Date 9/1 Explanation Balance Ref S CR Debit Credit Balance SEAVER COMPANY Schedule of Customers As of September 30, 2010 Bannister Crampton Iman Kingston Ruiz Total Accounts ReceivableStep by Step Solution
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