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)	$	7,440
Accounts Receivable—John Gibrone		4,400
Accounts Receivable—Jim Garcia		2,060
Accounts Receivable—June Lin		980

  

GENERAL JOURNAL

DATE

DESCRIPTION

POST. REF.

DEBIT

CREDIT

2019

Jan.

8

Cash

440

Accounts Receivable/John Gibrone

440

Received partial payment on

account from John Gibrone

20

Sales Returns and Allowances

300

Sales Tax Payable

24

Accounts Receivable/Jim Garcia

324

Accept return of defective

merchandise, Credit

Memorandum 121; original sale

made on Sales Slip 11102 of

December 27, 2018

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

Answer 1

Accounts Receivable account at Jan 31,2019

Particulars	Working	Amount
Account receivable - Control Account	7,440	6,676
Account receivable —John Gibrone	4,400 - 440	3,960
Accounts Receivable—Jim Garcia	2,060 - 324	1,736
Accounts Receivable—June Lin	980	980

Accounts Receivable Schedule

Customer Name	Total accounts receivable	Current	1-30 days due	31-60 days past due	over 60 days past due
John Gibrone	3,960		3,960
Jim Gracia	1,736		1,736
June Lin	980		980
	6,676		6,676

Yes the total of accounts receivable schedule should agree with the balance of the Accounts Receivable account in the general ledger at January 31, 2019 .

In the absence of information it is assumed that there are no new accounts receivable in the month of January. Also, that the accounts receivable occuring on 1st Jan 2019 are from the credit sales made in December.