The following sales and cash receipts for Limited Inc. appear below in their Sales and Cash Receipts Journals.
Limited, Inc.'s accounts receivable general ledger control account is also shown below.
Requirement 1: Post the appropriate entries to the customers' accounts receivable subsidiary ledger. (Hint: Make sure you post all of the transactions to the customers' subsidiary ledgers in chronological (or date) order.)
Requirement 2: After posting to the customers' accounts receivable subsidiary ledgers, prepare a schedule of accounts receivable.
(Remember the schedule of accounts receivable balance should agree to the A/R General Ledger at month end.)
Limited, Inc.'s accounts receivable general ledger control account is also shown below.
Requirement 1: Post the appropriate entries to the customers' accounts receivable subsidiary ledger. (Hint: Make sure you post all of the transactions to the customers' subsidiary ledgers in chronological (or date) order.)
Requirement 2: After posting to the customers' accounts receivable subsidiary ledgers, prepare a schedule of accounts receivable.
(Remember the schedule of accounts receivable balance should agree to the A/R General Ledger at month end.)
| Sales Journal | ||||
|---|---|---|---|---|
| Date | Accounts/Customers Debited | Debit-A/R Credit-Sales | Debit-COGS Credit-Inventory | |
| Mar.4 | Sleepy's LLC | 7,500 | 4,500 | |
| Mar.8 | Title LTD | 2,840 | 1,704 | |
| Mar.18 | Bottle Inc. | 5,960 | 3,576 | |
| Mar.26Double line | Seaside LPDouble line | 1,750Double line | 1,050Double line | |
| Double line Totals Double line | Double line18,050Double line | Double line10,830Double line | ||
| Date | Accounts Credited | Cash (Debit) | Sales Discount (Debit) | A/R (Credit) | Sales (Credit) |
|---|---|---|---|---|---|
| Mar.6 | Cellar Company | 585 | 585 | ||
| Mar.10 | Title LTD | 300 | 300 | ||
| Mar.15 | Cash Sale to Seaside LP | 1,500 | 1,500 | ||
| Mar.20 | Bottle, Inc. | 735 | 15 | 750 | |
| Mar.31Double line | Sleepy's LLCDouble line | 1Double line | Double line | 7,500Double line | Double line |
| Double line Totals Double line | Double line10,620Double line | Double line15Double line | Double line9,135Double line | Double line1,500Double line |
| Accounts Receivable General Ledger (Control Account) | ||||
|---|---|---|---|---|
| Date | Description | DEBIT | CREDIT | BALANCE |
| Mar.1 | Beginning Balance | 1,635 | ||
| Mar.31 | Credit Sales | 18,050 | 19,685 | |
| Mar.31 | Cash Receipt | 9,135 | 10,550 | |
| Accounts Receivable Subsidiary Ledger | ||||
|---|---|---|---|---|
| A/R - Bottle, Inc. | ||||
| Date | Description | DEBIT | CREDIT | BALANCE |
| Mar.1 | Beginning Balance | 750 | ||
| A/R - Cellar Company | ||||
|---|---|---|---|---|
| Date | Description | DEBIT | CREDIT | BALANCE |
| Mar.1 | Beginning Balance | 585 | ||
| A/R - Seaside, LP | ||||
|---|---|---|---|---|
| Date | Description | DEBIT | CREDIT | BALANCE |
| Mar.1 | Beginning Balance | 0 | ||
| A/R - Sleep's LLC | ||||
|---|---|---|---|---|
| Date | Description | DEBIT | CREDIT | BALANCE |
| Mar.1 | Beginning Balance | 0 | ||
| A/R - Title LTD | ||||
|---|---|---|---|---|
| Date | Description | DEBIT | CREDIT | BALANCE |
| Mar.1 | Beginning Balance | 300 | ||
| Limited Inc. Schedule of Accounts Receivable March 31 | |
|---|---|
| Bottle Inc. | |
| Cellar Company | |
| Seaside, LP | |
| Sleepy's LLC | |
| Title LTDDouble line | Double line |
| Double lineTotalDouble line | Double lineDouble line |