Question
Using the following information fill out the Accounts receivable Subsidiary Ledger. 1)All credit sales are made to customers on the following terms: 2%/15 days, n
Using the following information fill out the Accounts receivable Subsidiary Ledger.
1)All credit sales are made to customers on the following terms: 2%/15 days, n or 0%/30 days. Payments received from customers are first credited towards the oldest balances in determining any applicable discount.
Customer Date of Sale Balance Owed
Krohngold 7/20/22 $8,000
J Goar 9/13/22 22,000
C Winters 10/25/22 16,000
J Tishman 11/22/22 60,000
P OMalley 11/24/22 24,000
C Becker 11/28/22 30,000
Transactions for December:
Dec 1. Sold $30,000 of inventory to C Winters on credit (invoice #12010).
Dec 4. Received cash payment from J Tishman for balance owed.
Dec 4. Accepted a sales return from P OMalley for a $4,000 item. P OMalley paid her balance due after the return
Dec 5. Wrote off the balance owed by M Krohngold as uncollectible.
Dec 5. Received a payment from C Winters that reduced his balance owed by $10,000.
Dec 6. Received payment in full from C Becker.
Dec 6. Made a credit sale to a new customer, S Riley, in the amount of $40,000.
Dec 7. Received a check for payment in full from J Goar.
Dec 12. Received a check from C Winters that reduced his balance owed by $20,000.
Dec 12. Sold additional merchandise on credit to S Riley for $20,000.
Dec 13. Bought inventory from TH, Inc. for $35,000 on credit.
Dec 13. S Riley returned an item purchased on Dec 12 (amount = $5,000).
Dec 13. Received a check from S Riley for 12/6 purchase. Amount fully satisfied balance owed for that purchase.
Dec 14. Sold merchandise to J Tishman ($8,000) and C Becker ($12,000) on credit.
Dec 15. Received a check from S Riley in full settlement of balance owed.
Dec 20. Received a check from C Becker for payment of balance owed.
Dec 21. Sold merchandise to C Winters on credit for $24,000
Subsidiary A/R Ledger
| Customer Name | Customer# | Explanation | Date | Debit | Credit | Balance |
| Krohngold | 110-12 | Balance | 12/1 |
|
| $8,000 |
| Goar | 110-25 | Balance | 12/1 |
|
| $22,000 |
| Winters | 110-33 | Balance | 12/1 |
|
| $16,000 |
| Tishman | 110-44 | Balance | 12/1 |
|
| $60,000 |
| OMalley | 110-46 | Balance | 12/1 |
|
| $24,000 |
| Becker | 110-47 | Balance | 12/1 |
|
| $30,000 |
| Riley | 110-48 |
|
|
|
|
|
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Financial Accounting An Introduction To Concepts Methods And Uses
Authors: Sidney Davidson, Roman L. Weil, Clyde P. Stickney
2nd Edition
0030452961, 978-0030452963
