Model Trains Enthusiasts Shop’s sales and cash receipts journals for the month of April are presented below. The subsidiary ledger is reconciled with the general ledger account each month. On 1 April, the subsidiary ledger had four accounts: A. Tilden — $430; L. Tran — $520; N. Summers — $630; T. Schmidt — $450.
|
Sales Journal |
Cash Receipts Journal |
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|
Date |
Invoice |
Account |
Amount |
Date |
Account |
Cash |
Accounts Receivable |
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|
1/4 6/4 7/4 18/4 27/4 |
1407 1408 1409 1410 1411 |
J. Wayne A. Tilden L. Tran N. Summers B. Pham |
340 200 320 180 290 |
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|
4/4 12/4 24/4 26/4 |
A. Tilden L. Tran N. Summers T. Schmidt |
220 420 320 460 |
220 420 320 460 |
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Required
A. Establish a T account for each customer’s account in the subsidiary ledger and an Control account. Post the amounts to the subsidiary ledger and the general ledger using the information in the journals shown.
B. Prepare a schedule of the accounts in the subsidiary ledger and compare its total to the balance in the control account.
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