Question

Accounts Receivable Ledger

The following revenue journal is for Bowman Cleaners Inc., assume that the beginning balances for the customer accounts were zero, except for Tillman Inc., which had a $785 beginning balance. In addition, there were no collections during the period.

REVENUE JOURNAL
Date	Invoice No.	Account Debited	Post. Ref.	Accounts Rec. Dr. Fees Earned Cr.
20Y3
May 1	112	Hazmat Safety Co.	(a)	$3,885
May 10	113	Masco Co.	(b)	1,450
May 20	114	Alpha GenCorp	(c)	2,370
May 27	115	Tillman Inc.	(d)	2,620
May 31				$10,325
				(e)

a. The T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger are below.

b. Post to the T accounts.

c. Determine the balance in the accounts.

Accounts Receivable
May 1 Bal.
May 31
May 31 Bal.

Alpha GenCorp
May 20
May 31 Bal.

Hazmat Safety Co.
May 1
May 31 Bal.

Masco Co.
May 10
May 31 Bal.

Tillman Inc.
May 1 Bal.
May 27
May 31 Bal.

d. Prepare a listing of the accounts receivable customer balances as of May 31, 20Y3.

Gamma Services Inc.
Accounts Receivable Customer Balances
May 31, 20Y3
Alpha GenCorp	$
Hazmat Safety Co.
Masco Co.
Tillman Inc.
Total accounts receivable	$

Answer 1

Posted in T - Accounts

1. There is no no opening balances other than Masco Co. of $785 . Hence similar amount should be accounts receivable balance also. Hence T Accounts would be

Accounts Receivable
May.1 Bal	$785	May.31 Bal	$11,110
May.1	$3,885
May.10	$1,450
May.20	$2,370
May.27	$2,620
Total	$11,110	Total	$11,110
Alpha GenCorp
May.31 Bal	$2,370	May.1 bal	$0
		May.20	$2,370
Total	$2,370		$2,370
Hazmat Safety Co.
May.31 Bal	$3,885	May.1 Bal	$0
		May.1	$3,885
Total	$3,885		$3,885
Masco Co.
May.31 Bal	$1,450	May.1 Bal	$0
		May.10	$1,450
Total	$1,450		$1,450
Tillman Inc.
May.31 Bal	$2,620	May.1 Bal	$0
		May.27	$2,620
Total	$2,620		$2,620

2. Determine the balance of Accounts

Accounts Receivable
May 1 Bal.	$785
May.31	$10,325
May 31 Bal.	$11,110
Alpha GenCorp
May.20	$2,370
May 31 Bal.	$2,370
Hazmat Safety Co.
May.1	$3,885
May 31 Bal.	$3,885
Masco Co.
May.20	$1,450
May 31 Bal.	$1,450
Tillman Inc.
May.1 Bal	$785
May.27	$2,620
May 31 Bal.	$3,405

3. Prepare a listing of accounts customer balances as of May 20Y3

Gamma Services Inc.
Accounts Receivable Customer Balances 31 May 20Y3
Alpha GenCorp	$2,370
Hazmat Safety Co.	$3,885
Masco Co.	$1,450
Tillman Inc.	$3,405
Total accounts receivable	$11,110