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Recording and Posting Cash Receipts Rivers Edge Canoe & Kayak uses special journals and
Chapter 16, Problem 16-5(choose chapter or problem)
Recording and Posting Cash Receipts
River’s Edge Canoe & Kayak uses special journals and an accounts receivable subsidiary ledger for recording business transactions. The accounts receivable subsidiary ledger accounts and certain general ledger accounts are included in your working papers. The current account balances are recorded in the accounts.
Instructions In your working papers:
1. Record the transactions on page 7 in the cash receipts journal.
2. Post the amounts from the Accounts Receivable Credit column to the customers’ accounts in the accounts receivable subsidiary ledger. Post the individual amounts in the General Credit column to the general ledger accounts.
3. Foot, prove, total, and rule the cash receipts journal.
4. Post the column totals to the general ledger accounts named in the column headings.
5. Prepare a schedule of accounts receivable.
Identify the source document that would be used to record bankcard sales and cash sales.
Questions & Answers
QUESTION:
Recording and Posting Cash Receipts
River’s Edge Canoe & Kayak uses special journals and an accounts receivable subsidiary ledger for recording business transactions. The accounts receivable subsidiary ledger accounts and certain general ledger accounts are included in your working papers. The current account balances are recorded in the accounts.
Instructions In your working papers:
1. Record the transactions on page 7 in the cash receipts journal.
2. Post the amounts from the Accounts Receivable Credit column to the customers’ accounts in the accounts receivable subsidiary ledger. Post the individual amounts in the General Credit column to the general ledger accounts.
3. Foot, prove, total, and rule the cash receipts journal.
4. Post the column totals to the general ledger accounts named in the column headings.
5. Prepare a schedule of accounts receivable.
Identify the source document that would be used to record bankcard sales and cash sales.
ANSWER:Step 1 of 11
The accounts receivable subsidiary ledger is a detailed and organized record that tracks individual customer accounts within a company's larger accounting system. It serves as a comprehensive and specific ledger, documenting the amounts owed by each customer for goods or services provided on credit. This ledger contains pertinent details for each customer, such as invoice numbers, transaction dates, amounts owed, and any payments made.