Gaston Company Began Business on October 1

question 16

Essay

Gaston Company began business on October 1. The partial sales journal as it appeared at the end of the month follows:
1. Open general ledger T-accounts for Accounts Receivable (No. 112) and Sales Revenue (No. 401) and an accounts receivable subsidiary T-account ledger with an account for each customer. Make the appropriate postings from the sales journal. Fill in the appropriate posting references in the sales journal above.
2. Prove the accounts receivable subsidiary ledger by preparing a schedule of accounts receivable.

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Definitions:

Conglomerate

A sedimentary rock made up of rounded pebbles, cobbles, and boulders cemented together.

Unconformity

A surface of contact between two groups of unconformable strata, indicating a period of erosion or non-deposition.

Monocline

A geological fold where all strata are inclined in the same direction, resembling a step-like structure in the landscape.

Thrust Fault

A type of geological fault where one block of the earth's crust is pushed up and over another, typically at a low angle, due to compressional forces.