On December 1, the Accounts Receivable Control Account Balance in the General

question 85

Essay

On December 1, the accounts receivable control account balance in the general ledger of Mitus Company was $9,000. The accounts receivable subsidiary ledger contained the following detailed customer balances: Acme $1,500, Baker $2,100, Fare $2,600, and Grote $2,800. The following information is available from the company's special journals for the month of December:
Cash Receipts Journal: Cash received from Fare $1,900, from Acme $1,600, from Santos $1,700, and from Baker $1,800.
Sales Journal: Sales to Santos $2,300, to Fare $1,700, to Acme $2,300, and to Grote $2,400.
Additionally, Fare returned defective merchandise for credit for $900. Acme returned defective merchandise for $600 which he had purchased for cash.
Instructions
(a) Using T-accounts for Accounts Receivable Control and the detail customer accounts, post the activity for the month of December.
(b) Reconcile the accounts receivable control account with the subsidiary ledger by preparing a detail list of customer balances at December 31.

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Definitions:

Colonial Assembly

A legislative body in a colony, primarily in the British colonies, which represented the colonists and had some powers over local matters and legislation.

John Dickinson

An American statesman, known as the "Penman of the Revolution" for his letters on colonial rights, and a delegate from Pennsylvania to the U.S. Constitutional Convention.

Letters from a Farmer

A series of essays written by John Dickinson in 1767-68, arguing against the Townsend Acts and for colonial rights, contributing to the American Revolution.

Parliament

The supreme legislative body in many countries, including the United Kingdom, Canada, and Australia, composed typically of two houses (upper and lower) to make, amend, and repeal laws.