EXERCISES: SET B
Gill Company uses both special journals and a general journal as described in this chapter.
On June 30, after all monthly postings had been completed, the Accounts Receivable control
account in the general ledger had a debit balance of $200,000; the Accounts Payable control
account had a credit balance of $120,000.
The July transactions recorded in the special journals are summarized below. No entries
affecting accounts receivable and accounts payable were recorded in the general journal for July.
Total sales $252,000
Total purchases $151,000
Cash receipts journal
Accounts receivable column total $231,000
Cash payments journal
Accounts payable column total $142,000
What is the balance of the Accounts Receivable control account after the monthly postings
on July 31?
What is the balance of the Accounts Payable control account after the monthly postings on
To what account(s) is the column total of $252,000 in the sales journal posted?
To what account(s) is the accounts receivable column total of $231,000 in the cash receipts
Presented below is the subsidiary accounts receivable account of Maxwell Shafer.
Write a memo to Tyler Johnston, chief financial officer, that explains each transaction.
On September 1 the balance of the Accounts Receivable control account in the general
ledger of Harland Company was $12,960. The customers’ subsidiary ledger contained account
balances as follows: Garcia $1,940, Verduzco $3,140, Bautista $2,560, Campione $5,320. At the
end of September the various journals contained the following information.
Sales to Bautista $900; to Garcia $1,400; to Miranda $1,500; to Campione $1,200.
Cash receipts journal:
Cash received from Bautista $1,610; from Campione $2,600; from Miranda
$580; from Verduzco $2,100; from Garcia $1,540.
An allowance is granted to Campione $325.
Set up control and subsidiary accounts and enter the beginning balances. Do not construct
Post the various journals. Post the items as individual items or as totals, whichever would be
the appropriate procedure. (No sales discounts given.)
Prepare a list of customers and prove the agreement of the controlling account with the
subsidiary ledger at September 30, 2008.
Yaspo Company has a balance in its Accounts Receivable control account of $17,000 on
January 1, 2010. The subsidiary ledger contains three accounts: James Company, balance $6,000;
Black Company, balance $3,700; and Change Company. During January, the following
receivable-related transactions occurred.