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Glencoe Accounting: First Year Course, Student Edition | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe
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Analyzing a Source Document Metro Sports Distributors had this transaction that occurred

Chapter 16, Problem 16-2

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QUESTION:

Analyzing a Source Document

Metro Sports Distributors had this transaction that occurred on June 15.

Instructions

1. Analyze the sales slip shown. In your working papers, record the required entry on page 3 of the sales journal.

2. Post to the customer’s account in the accounts receivable subsidiary ledger.

Questions & Answers

QUESTION:

Analyzing a Source Document

Metro Sports Distributors had this transaction that occurred on June 15.

Instructions

1. Analyze the sales slip shown. In your working papers, record the required entry on page 3 of the sales journal.

2. Post to the customer’s account in the accounts receivable subsidiary ledger.

ANSWER:

                                                                  Step 1 of 2

Accounts Receivable Subsidiary Ledger is an accounting ledger that shows the transaction and payment history and shows the balances of the customer accounts current. Sales journal transactions are posted daily to the accounts receivable subsidiary ledger and the process is similar for posting the general journal or the sales journal to the accounts receivable subsidiary ledger.

                                                                 

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