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

question 33

Essay

On December 1, the accounts receivable control account balance in the general ledger of the Picard Company was $9,500. The accounts receivable subsidiary ledger contained the following detailed customer balances: Selig $2,000, Jobs $2,400, Taylor $2,600, and Burton $2,500. The following information is available from the company's special journals for the month of December:
Cash Receipts Journal: Cash received from Taylor $2,600, from Selig $1,300, from Munoz $1,700, and from Jobs $1,800.
Sales Journal: Sales to Munoz $3,400, to Taylor $1,800, to Selig $3,100, and to Burton $1,900.
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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Definitions:

Benefit

An advantage or profit gained from something, often used in the context of employment, insurance, or social welfare.

Logrolling

A practice in negotiation or politics where two parties agree to support each other's proposals or interests.

Outcome Probabilities

Outcome probabilities are the likelihood or chances that specific results will occur, often used in the context of predictive analysis or decision-making processes.

Timing

refers to the selection of the most suitable or effective moment to take action or make a decision, often crucial for success.