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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Accounts receivable subsidiary ledger

The revenue and cash receipts journals for Mirage Productions Inc. follow. The accounts receivable control account has a August 1, 2016, balance of $4,230 consisting of an amount due from Celestial Studios Inc.

Chapter 5, Problem 5.8EX, Accounts receivable subsidiary ledger The revenue and cash receipts journals for Mirage Productions , example  1

Chapter 5, Problem 5.8EX, Accounts receivable subsidiary ledger The revenue and cash receipts journals for Mirage Productions , example  2

Prepare a listing of the accounts receivable customer balances and verify that the total agrees with the ending balance of the accounts receivable controlling account.

To determine

Accounts receivable subsidiary ledger

Account receivable subsidiary ledger is the ledger which is used to post the customer transaction in one particular ledger account. It helps the business for locate the error in the customer ledger balance. After all transactions are posted, the balances in the accounts receivable subsidiary ledger should be totaled, and compare with the balance in the general ledger of accounts receivable. If both the balance does not agree, the error has been located and corrected.

To prepare: The accounts receivable customers balance, and verify that the total agrees with the ending balance of accounts receivable control account.

Explanation

Accounts receivable customer balance

Accounts receivable customer balance of P Productions Incorporation is as follows:

M Production Incorporation
Accounts receivable customer balances
August 31, 2016
Amount ($)
A Communication Incorporation 4,070
C Studios Incorporation 1,650
F Broadcasting Company 2,350
GC Media Incorporation 0
Total accounts receivable 8,070

Table (1)

Hence, closing accounts receivable customer balance as on August 31, 2016 is $8,070...

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