Question

I am looking for a solution for question 16E. My subject is Accounting II. Can you please assist me? Thank you

Chapter 9 Problem 16E is posted but there is no solution to the problem.

The question is pretty long. How do I post it, because I can not copy and paste?

You are correct. It is not a question it is a problem I need several answers for.

Stellar Company had the following transactions in June:

Jun 1 Sold merchandise inventory on account to Carter Company $1,575

Jun 6 Sold merchandise inventory for cash $550

Jun 12 Received cash from Carter Company in full settlement of its accounts receivable

Jun 20 sold merchandise inventory on account to Iris Company $765

Jun 22 Sold merchandise inventory on account to Driver Company $230

Jun 28 Received cash from Iris Company in partial settlement of its accounts receivable $300

Requirements

1. Journalize the transactions. Ignore Cost of Goods Sold. Omit Explanations.

2. Post the transactions to the general ledger and the accounts receivable subsidiary ledger. Assume all beginning balances are $0

3. Verify the ending balance in the control Accounts Receivable equals the sum of the balances in the subsidiary ledger

Answer 1

1.

Credit Date Account Titles Jun. 01 Accounts Receivable - Carter Co. Sales Revenue Debit $1,575 $1,575 $1,575 $550 Jun. 06 Cash Sales Revenue $550 Jun. 12 Cash Accounts Receivable - Carter Co. $1,575 F $1.575 $1,575 $765 Jun. 20 Accounts Receivable - Iris Co. Sales Revenue $765 $230 Jun. 22 Accounts Receivable - Driver Co. Sales Revenue Sales Re $230 $300 Jun. 28 Cash Accounts Receivable - Iris Co. $300

____________________________________________________________________

2.

Sales revenue
				Balance
Date	Item	Debit	Credit	Debit	Credit
Jun. 01	Accounts Receivable - Carter Co.		$1,575		$1,575
Jun. 06	Cash		$550		$2,125
Jun. 20	Accounts Receivable - Iris Co.		$765		$2,890
Jun. 22	Accounts Receivable - Driver Co.		$230		$3,120
Accounts Receivable-Carter Co.
				Balance
Date	Item	Debit	Credit	Debit	Credit
Jun. 01	Sales revenue	$1,575		$1,575
Jun. 12	Cash		$1,575	$0
Accounts Receivable-Iris Co.
				Balance
Date	Item	Debit	Credit	Debit	Credit
Jun. 20	Sales Revenue	$765		$765
Jun. 28	Cash		$300	$465
Cash
				Balance
Date	Item	Debit	Credit	Debit	Credit
Jun. 06	Sales revenue	$550		$550
Jun. 12	Accounts receivable- Carter Co.	$1,575		$2,125
Jun. 28	Accounts receivable- Iris Co.	$300		$2,425
Accounts Receivable-Driver Co.
				Balance
Date	Item	Debit	Credit	Debit	Credit
Jun. 22	Sales Revenue	$230		$230
Accounts Receivable
				Balance
Date	Item	Debit	Credit	Debit	Credit
Jun. 01	Sales Revenue	$1,575		$1,575
Jun. 12	Cash		$1,575	$0
Jun. 20	Sales Revenue	$765		$765
Jun. 22	Sales Revenue	$230		$995
Jun. 28	Cash		$300	$695

________________________________________________________________________

3.

Verify the ending balance in the control Accounts Receivable equals the sum of the balances in the subsidiary ledger as follows:

Accounts receivable-Carter Co.	$0
Accounts receivable-Iris Co.	$465
Accounts receivable-Driver Co.	$230
Total		$695
Less: Accounts receivable balance		($695)
		$0