Question

Question 2 View Policies Current Attempt in Progress Information related to Munchies Limited is presented below for its first month of operations. Credit Sales Chlu Corp. Cash Collections Jan. 17 Chlu Corp. $ 760 Jan. 7 $1,820 6,600 15 Elbaz Inc. 23 Lewis Corp. 24 29 Elbaz Inc. 1,800 Lewis Corp. 3,640 3,640 Post the above transactions individually to the accounts receivable subsidiary ledger for each customer, and in summary form at the end of the month to the accounts receivable control account in the general ledger. Accounts Receivable Subsidiary Ledger

Answer 1

In the books of Munchies limited

Accounts receivable subsidiary ledger

Dr Chiu Corp a/c Cr   

Date	Particulars	Amount($)	Date	Particulars	Amount ($)
Jan 7	To sales a/c	1820	Jan 17	By cash a/c	760
			Jan 31	By Accounts receivable a/c	1060
		1820			1820

Dr Elbaz Inc.a/c Cr   

Date	Particulars	Amount($)	Date	Particulars	Amount ($)
Jan 15	To sales a/c	6600	Jan 24	By cash a/c	1800
			Jan 31	By Accounts receivable a/c	4800
		6600			6600

Dr Lewis Corp a/c Cr   

Date	Particulars	Amount($)	Date	Particulars	Amount ($)
Jan 23	To sales a/c	3640	Jan 29	By cash a/c	3640
		3640			3640

Since the accounts are posted monthly at the end the following would be the accounts receivable ledger in General ledger control proceeds.

General Ledger Control Account

Dr Accounts Receivable a/c Cr   

Date	Particulars	Amount($)	Date	Particulars	Amount ($)
Jan 31	To Chiu Corp a/c	1060	Jan 31	By balance c/d	5860
Jan 31	To Elbaz Inc	4800
		5860			5860