Reference no: EM132686427
On April 1, the accounts receivable ledger of Sunland Company showed the following balances: Morrow $1,500, Rose $1,190, Jennings Co. $2,900, and Dent $2,000. The April transactions involving the receipt of cash were as follows.
Apr. 1 The owner, T. Sunland, invested additional cash in the business $7,300.
4 Received check for payment of account from Dent less 2% cash discount.
5 Received check for $905 in payment of invoice no. 307 from Jennings Co.
8 Made cash sales of merchandise totaling $7,270. The cost of the merchandise sold was $4,362.00.
10 Received check for $580 in payment of invoice no. 309 from Morrow.
11 Received cash refund from a supplier for damaged merchandise $720.
23 Received check for $1,040 in payment of invoice no. 310 from Jennings Co.
29 Received check for payment of account from Rose (no cash discount allowed).
Problem 1: Insert the beginning balances in the Accounts Receivable control and subsidiary accounts, and post the April transactions to these accounts. (Post entries in the order of entries presented in the previous part.)