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ABC Company had a general ledger accounts receivable balance of $225,888 as of August 31. The accounts receivable subledger had a balance of $169,115....
ABC Company had a general ledger accounts receivable balance of $225,888 as of August 31. The accounts receivable subledger had a balance of $169,115. Using the detail provided in the general ledger and subledger below, determine the journal entries necessary to correct the general ledger (assume the subledger is correct). Please list out detailed journal entries that you would make to correct the general ledger, not a lump sum adjustment of the difference.
General Ledger accounts receivable:
Date Description Monthly Amount Balance
08/01 Beginning balance 212,607
08/03 August Sales #30, 31, 32 79,000
08/05 August sales bill #33, 34, 35 89,723
08/06 August sales #36 - 38 65,400
08/26 July collections (153,500)
08/31 August sales #39 – 42 108,300
08/31 August collections (175,642)
08/31 Ending Balance $225,888
Subledger accounts receivable:
Date Description Monthly Amount Balance
08/01 Beginning balance $212,607
08/03 Collections July bill #27 (42,615)
08/03 August sales bill #30 42,000
08/06 August sales bill #31, 32 37,500
08/07 August collections bill #31 (17,800)
08/15 August sales bill #33, 34, 35 89,723
08/16 August collections bill #30 (42,000)
08/22 Collections – July bill #22, 23 (153,500)
08/26 August sales bill #36 – 43 201,042
08/30 August collections bill
#30 – 43 and #43, 32 (157,842)
08/31 Ending balance 169,115
Use this space to write out the journal entries required to correct the general ledger:
