21) The general ledger and the accounts receivable subsidiary ledger are the same book.
22) To show that you have posted to an account in the General Ledger, you use a checkmark.
23) Individual credit customer accounts are kept in the general ledger.
24) Define and compare the accounts receivable subsidiary ledger with the controlling account, Accounts Receivable.
The Coral Co. had the following transactions involving the sale of merchandise. You are to prepare the necessary general journal entries. All sales are subject to credit terms of 1/10, n/30.
July 16Sold merchandise on account with an invoice price of $4,500 to Carter and Co.
July 16Sold merchandise on account with an invoice price of $5,000 to the Taylor Co.
July 20Taylor Co. returned merchandise with an invoice price of $1,000.
July 25Received full payment from Carter and Co.
July 28Received full payment from Taylor Co.
25) Prepare the necessary general journal entry for July 16, Sold merchandise on account with an invoice price of $4,500 to Carter and Co.