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The following sales and cash receipts for Limited Inc appear below in their Sales and Cash Receipts Journals. Limited, Inc.'s accounts receivable general ledger control
The following sales and cash receipts for Limited Inc appear below in their Sales and Cash Receipts Journals. Limited, Inc.'s accounts receivable general ledger control account is also shown below. Requirement 1: Post the appropriate entries to the customers accounts receivable subsidiary ledger (Hint: Make sure you post all of the transactions to the customers' subsidiary ledgers in chronological (or date) order.) Requirement 2: After posting to the customers' accounts receivable subsidiary ledgers, prepare a schedule of accounts receivable. (Remember the schedule of accounts receivable balance should agree to the AVR General Ledger at month end.) Sales Journal Date Accounts/Customers Debited Debit A/R Debit COGS Credit-Sales Credit Inventory Mar.4 Sleepy's LLC 7,500 4,500 Mar.B Title LTD 2,840 1,704 Mar. 18 Bottle Inc. 5,960 3,576 Mar.26 Seaside LP 1.750 1.050 Totals 18,050 10830 300 Date Accounts Credited Mar.6 Cellar Company Mar. 10 Title LTD Mar.15 Cash Sale to Seaside LP Mar.20 Bottle, Inc. Mar 31 Sleepy's LLC Totals Cash Receipts Journal Cash (Debit) Sales Discount (Debit) A/R (Credit) Sales (Credit) 585 585 300 1,500 1,500 735 750 7,500 7.500 10,620 9.135 1,500 Accounts Receivable General Ledger (Control Account) Date Description DEBIT CREDIT BALANCE Mar.1 Beginning Balance 1,635 Mar.31 Credit Sales 18,050 19,685 Mar 31 Cash Receipt 9,135 10,550 Accounts Receivable Subsidiary Ledger A/R - Bottle, Inc. Description DEBIT CREDIT Beginning Balance Date Mar.1 BALANCE 750 Date A/R - Cellar Company Description DEBIT CREDIT Beginning Balance BALANCE 585 Mar. 1 A/R - Seaside, LP Description DEBIT Beginning Balance CREDIT Date Mar.1 BALANCE A/R - Sleep's LLC Description DEBIT Beginning Balance CREDIT Date Mar.1 BALANCE Date Mar.1 A/R - Title LTD Description I DEBIT Beginning Balance CREDIT BALANCE 300 Limited Inc. Schedule of Accounts Receivable March 31 Bottle Inc. Cellar Company Seaside, LP Sleepy's LLC Title LTD Total bo
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