Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Tillman Inc.

Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Tillman Inc., which had a $590 beginning balance. In addition, there were no collections during the period.

a. Set up a T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger.

b. Post to the T accounts.

c. Determine the balance in the accounts.

d. Prepare a listing of the accounts receivable customer balances as of May 31, 20Y3.

Answer:

a., b., and c.

May 1 Bal. 590

31 7,070

31 Bal. 7,660

May 20 2,800 May 1 2,050

31 Bal. 2,80031 Bal. 2,050

May 10 980 May 1 Bal. 590

31 Bal. 98027 1,240

31 Bal. 1,830

d.

Alpha GenCorp

Hazmat Safety Co.

Masco Co.

Tillman Inc.

Total accounts receivable$7,660