Question

Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company.

Assume the following account balances at January 1, 2019:

Accounts Receivable (control account)	$	9,120
Accounts Receivable—John Gibrone		5,800
Accounts Receivable—Jim Garcia		2,200
Accounts Receivable—June Lin		1,120

  

GENERAL JOURNAL

DATE

DESCRIPTION

POST. REF.

DEBIT

CREDIT

2019

Jan.

8

Cash

580

Accounts Receivable/John Gibrone

580

Received partial payment on

account from John Gibrone

20

Sales Returns and Allowances

200

Sales Tax Payable

16

Accounts Receivable/Jim Garcia

216

Accept return of defective

merchandise, Credit

Memorandum 121; original sale

made on Sales Slip 11102 of

December 27, 2018

1. Prepare a schedule of accounts receivable for Calderone Company at January 31, 2019.
2. Should the total of your accounts receivable schedule agree with the balance of the Accounts Receivable account in the general ledger at January 31, 2019?

Prepare a schedule of accounts receivable for Calderone Company at January 31, 2019.

	CALDERONE COMPANY Schedule of Accounts Receivable January 31,2019 Total $0

Should the total of your accounts receivable schedule agree with the balance of the Accounts Receivable account in the general ledger at January 31, 2019?

	Total of your accounts receivable schedule agrees with the balance of the Accounts Receivable account

Answer 1

Dr CR CR Posting the journal entries into the corresponding ledger accounts. The ending balance of all subsidiary ledger will go to the general ledger. In Genetal Ledger In Accounts Receivable Ledger In Accounts Receivable Ledger Accounts Receivable Accounts Receivable-John Gibrone Accounts Receivable, Jim Garcia Sales Returns and 9,120 Beginning Bal. 5,800 Cash 580 Beginning Bal. 2,200 Allowances 5,220 -Payment -Return Beginning Bal. John Gibrone 200 Sales Tax Payable 16/ Jim Garcia June Lin 1,984 1,120 Ending Bal. Ending Bal. Ending Bal. 17,444 17,444 5,220 5,800 $ $ 1,984 2,200 17,444 $ 5,800 $ $ 2,200 $ Dr CR Beginning Bal. In Accounts Receivable Ledger Accounts Receivable-June Lin 1,120 Ending Bal. $ 1,120 1,120 1,120 $

CALDERONE COMPANY Schedule of Accounts Receivable Customer Otsatanding Balance John Gibrone Jim Garcia June Lin Total 5,220 1,984 1,120 8,324 No, the total of accounts receivable schedule does not agree with the balance of the Accounts Receivable account in the general ledger at January 31, 2019. Because in accounts receivable account, the receiables of last year appear as beginning balance and added to it. But in Schedule of Accounts Receivable only the current year receivables are shown. Please give as many likes for the hard work.