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

question 143

Essay

On December 1 the accounts receivable control account balance in the general ledger of the Picard Company was $9500. The accounts receivable subsidiary ledger contained the following detailed customer balances: Selig $2000 Jobs $2400 Taylor $2600 and Burton $2500. The following information is available from the company's special journals for the month of December:
Cash Receipts Journal: Cash received from Taylor $2600 from Selig $1300 from Munoz $1700 and from Jobs $1800.
Sales Journal: Sales to Minoz $3400 to Taylor $1800 to Selig $3100 and to Burton $1900.
Additionally Taylor returned defective merchandise for credit for $680. Selig 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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