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, 20X1: Accounts Receivable (control account) $ 8,880 Accounts Receivable—John Gibrone 5,600 Accounts Receivable—Jim Garcia 2,180 Accounts Receivable—June Lin 1,100 GENERAL JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 20X1 Jan. 8 Cash 560 Accounts Receivable/John Gibrone 560 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 January 2, 20X1 Required: Prepare a schedule of accounts receivable for Calderone Company at January 31, 20X1. Should the total of your accounts receivable schedule agree with the balance of the Accounts Receivable account in the general ledger at January 31, 20X1?

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter10: Accounting For Sales And Cash Receipts

Section10.4: Posting From A Cash Receipts Journal

Problem 1OYO

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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, 20X1:


Accounts Receivable (control account)	$	8,880
Accounts Receivable—John Gibrone		5,600
Accounts Receivable—Jim Garcia		2,180
Accounts Receivable—June Lin		1,100

GENERAL JOURNAL

DATE

DESCRIPTION

POST.
REF.

DEBIT

CREDIT

20X1

Jan.

Cash

560

Accounts Receivable/John Gibrone

560

Received partial payment on

account from John Gibrone

Sales Returns and Allowances

300

Sales Tax Payable

Accounts Receivable/Jim Garcia

324

Accept return of defective

merchandise, Credit

Memorandum 121; original sale

made on Sales Slip 11102 of

January 2, 20X1

Required:

Prepare a schedule of accounts receivable for Calderone Company at January 31, 20X1.
Should the total of your accounts receivable schedule agree with the balance of the Accounts Receivable account in the general ledger at January 31, 20X1?

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