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Learning Objective 1 E9-16 Recording credit sales and Steller Company had the following transactions in June: 3. $695 Jun. 1 6 12 20 22 28 Sold merchandise inventory on account to Carter Company, $1,575. Sold merchandise inventory for cash, $550. Received cash from Carter Company in full settlement of its accounts receivable. Sold merchandise inventory on account to Iris Company, $765. Sold merchandise inventory on account to Driver Company, $230. 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 S0. 3. Verify the ending balance in the control Accounts Receivable equals the sum of the balances in the subsidiary ledger.

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Accounts Receivable- Carter Co Description 2 Date 3 June Account Title Debit credit creditBalance Schedule of Accounts Receivable Date Jun-01 from Sales Journal Jun-12 From Cash Journal Debit 1,575.00 1,575.00 1 Accounts Receivable- Carter Co. 1,575.00 1,575.00 S Carter co. Iris Co. Driver Co. 1,575.00 465.00 $230.00 695.00 Sales Revenue Accounts Receivable- Iris Co. 6 Cash 550.00 credit Balance Date Jun-20 from Sales Journal Jun-28 From Cash Journal Description Debit $ 765.00 Total AR Sales Revenue $550.00 $ 7б5.00 300.00 4б5.00 10 12 Cash 1,575.00 Accounts Receivable- Carter Co $1,575.00 Accounts Receivable- Driver Co Description Debit $ 230.00 Balance Date Jun-22 from Sales Journal credit 13 20 Accounts Receivable- Iris Comapany$ 765.00 $230.00 Sales Revenue $ 765.00 Sales Journal 22 Accounts Receivable- Driver Comapany$ Balance 16 17 18 19 20 21 230.00 Date Jun-01 Carter co. Jun-20 Iris Co. Jun-22 Driver co. Customer Debit credit Sales Revenue $230.00 1,575.00 1,575.00 765.00 $ 2,340.00 230.002,570.00 28 Cash 300.00 Accounts Receivable- Iris Co. $300.00 Cash receipts journal Description Date Jun-06 cash Sale Jun-12 Carter Co. Jun-28 Iris co. Debit $550.00 1,575.00 $300.00 Balance $550.00 $ 2,125.00 $2,425.00 credit 23

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