Question #5 The Line Company has $2,010 as their balance in Accounts Receivable
ID: 2481671 • Letter: Q
Question
Question #5
The Line Company has $2,010 as their balance in Accounts Receivable for September 1, 2015.
The Accounts Receivable balance consist of Customer C owes $880 and Customer V owes $1,130.During the month of September 2015 the Line Company experienced the following transactions affecting Accounts Receivable:
Sept 2
Issued Invoice 722 for services provided to P Customer , $2,340
Sept 6
Received cash from C Customer on account for $880
Sept 9
Issued Invoice 723 for services provided to S Customer, $1,690
Sept 13
Received cash from V Customer on account for $1,130
Sept 17
Issued Invoice 724 for services provided to A Customer, $2,750
Sept24
Received cash from P Customer for Invoice 722
Sept 27
Issued Invoice 725 to V Customer on account for $980
Sept 30
Received cash from R Customer for services provided $80.
Required
e) Post the transactions to the proper subsidiary accounts
f) Post the balances to the proper general ledger accounts
g) Prepare a schedule of Accounts Receivable as of September 30, 2015
Sept 2
Issued Invoice 722 for services provided to P Customer , $2,340
Sept 6
Received cash from C Customer on account for $880
Sept 9
Issued Invoice 723 for services provided to S Customer, $1,690
Sept 13
Received cash from V Customer on account for $1,130
Sept 17
Issued Invoice 724 for services provided to A Customer, $2,750
Sept24
Received cash from P Customer for Invoice 722
Sept 27
Issued Invoice 725 to V Customer on account for $980
Sept 30
Received cash from R Customer for services provided $80.
Explanation / Answer
Answer : (e)
Revenue Book
Cash Receipt Book
Answer : f
General Ledger
Sales Ledger
Cash Book
Ledger of P
Ledger of S
Ledger of A
Ledger of V
Ledger of C
Ledger of R
Answer g :
Account Received schedule
Date Particulars Invoice no. L.F. Amount $ 09/02 P 722 2340 '09/09 S 723 1690 '09/13 A 724 2750 '09/27 V 725 980 Total 7760