Sami Company recorded the following selected transactions during November 2011.
Nov. 5 | Accounts Receivable—Surf Shop | 4,417 |
|
| Sales |
| 4,417 |
10 | Accounts Receivable—Yum Enterprises | 1,250 |
|
| Sales |
| 1,250 |
13 | Accounts Receivable—Matt Albin | 733 |
|
| Sales |
| 733 |
21 | Sales Returns and Allowances | 189 |
|
| Accounts Receivable—Matt Albin |
| 189 |
30 | Accounts Receivable—Surf Shop | 2,606 |
|
| Sales |
| 2,606 |
1. Open a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Also open an accounts receivable subsidiary ledger having a T-account for each customer. Post these entries to both the general ledger and the accounts receivable ledger.
2. Prepare a schedule of accounts receivable (see Exhibit 7.4) and compare its total with the balance of the Accounts Receivable controlling account as of November 30.
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