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Exercise 7-1 Accounts receivable subsidiary ledger; schedule of accounts receivable LO C1 [The following information applies...

Exercise 7-1 Accounts receivable subsidiary ledger; schedule of accounts receivable LO C1

[The following information applies to the questions displayed below.]

Vail Company recorded the following transactions during November.

Date General Journal Debit Credit
Nov. 5 Accounts Receivable—Ski Shop 4,358
Sales 4,358
10 Accounts Receivable—Welcome Enterprises 1,281
Sales 1,281
13 Accounts Receivable—Zia Natara 751
Sales 751
21 Sales Returns and Allowances 194
Accounts Receivable—Zia Natara 194
30 Accounts Receivable—Ski Shop 2,671
Sales 2,671

Exercise 7-1 Part 1

1. Prepare a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Post these entries to both the general ledger and the accounts receivable ledger.

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Answer #1

Answer -

General Ledger

Accounts Receivable

Nov. 5 4358 194 Nov. 21
Nov. 10 1281 - -
Nov. 13 751 - -
Nov. 30 2671 - -
- - -
End.Bal. 8867 - -

.

.

Sales

- - 4358 Nov. 5
- - 1281 Nov. 10
- - 751 Nov. 13
- - 2671 Nov. 30
- - - -
End.Bal. 9061 - -

.

.

Sales Returns and Allowances

Nov. 21 194 - -
- - -
End.Bal. 194 - -

.

.

Ski Shop

Nov. 5 4358 - -
Nov. 30 2671 - -
- - - -
End.Bal. 7029 - -

.

.

Welcome Enterprises

Nov. 10 1281 - -
. - - -
End.Bal. 1281 - -

.

.

Zia Natara

Nov. 13 751 194 Nov. 21
- - -
End.Bal. 557 - -
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