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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

The following journal entries are for current sales and cash receipts transactions. Using T accounts, post these transactions to Cash, Accounts Receivable, Sales, Sales Returns and Allowances, and Sales Tax Payable in the general ledger, and to the customer account in the accounts receivable ledger.

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To determine

Post the given transactions into the accounts of the general ledger, and the customer account in accounts receivable ledger.

Explanation

Posting transactions: The process of transferring the journalized transactions into the accounts of the ledger is known as posting the transactions.

T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this account is known as debit, and the right hand side is known as credit.

Post the given transactions into the accounts of the general ledger.

Cash
(a)226.60
Total226.600Total
Balance     $226.60

Table (1)

Accounts Receivable
(a)288.4061.80(b)
226.60(c)
Total288.40288.40Total
Balance     $0

Table (2)

Sales Tax Payable
(b)1.808.40(a)
Total1.808...

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