Question

Exercise 7-12 Posting to subsidiary ledger accounts; preparing a schedule of accounts receivable LO P1

At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $16,806.
  

Date	Account Debited	Invoice Number	PR	Accounts Receivable Dr. Sales Cr.			Cost of Goods Sold Dr. Inventory Cr.
May 6	Aaron Reckers	190			4,880			3,709
10	Sara Reed	191			3,940			3,251
17	Anna Page	192			1,753			1,031
25	Sara Reed	193			701			412
31	Totals				11,274			8,403

  
Mountain View also recorded an allowance (price reduction) given to Anna Page with the following entry.

Date	General Journal	Debit	Credit
May 20	Sales Returns and Allowances	200
	Accounts Receivable—Anna Page		200
	Record allowance to customer.

Required:  
1. Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account.
2. Post the sales journal and any portion of the general journal entry that affects these accounts.
3. Prepare a schedule of accounts receivable.
  

Answer 1

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