Question

Warton Company posts its sales invoices directly and then binds them into a sales journal. The company had the following credit sales to these customers during July July 2 Mary Mack 8 Erie Horner 10 Troy Wilson 14 Hong Jiang 20 Troy Wilson 29 Mary Mack Total credit sales $ 9,300 11,800 14,100 21,200 11,900 8.000 576,300 Required: 1. Post the invoices to the accounts receivable subsidiary ledger for each of these customers below: 2. Post the end-of-month total from the sales journal to Accounts Receivable controlling T-account and a Sales T-account. 3. Prepare a schedule of accounts receivable and prove that its total equals the Accounts Receivable controlling account balance.

Answer 1

1)

ACCOUNTS RECEIVABLE LEDGER
Eric Horner					Hong Jiang
Jul 8	$11800				Jul 14	$21200
End. bal.	$11800				End. bal.	$21200
Mary Mack					Troy Wilson
Jul 2	$9300				Jul 10	$14100
Jul 29	8000				Jul 20	11900
End. bal.	$17300				End. bal.	$26000

2)

GENERAL LEDGER					Sales
Accounts Receivable
Jul 31	$76300						Jul 31	$76300
End. bal.	$76300						End. bal.	$76300

3)

WARTON COMPANY
Schedule of Accounts Receivable
July 31
Eric Horner	$11800
Hong Jiang	21200
Mary Mack	17300
Troy Wilson	26000
Total accounts receivable	$76300