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Warton Company posts its sales invoices directly and then binds them into a Sales Journal. The company had the following credit sales to these customers during July.
July 2 Mary Mack . . . . . . . . . . $ 8,6008 Eric Horner . . . . . . . . . . . . . 11,10010 Troy Wilson . . . . . . . . . . . 13,40014 Hong Jiang . . . . . . . . . . . . 20,50020 Troy Wilson . . . . . . . . . . . 11,20029 Mary Mack . . . . . . . . . . . . 7,300Total credit sales . . . . . . . . . . $ 72,100Required:
1. Open an accounts receivable subsidiary ledger having a T-account for each customer. Post the invoices to the subsidiary ledger.
2. Open an Accounts Receivable controlling T-account and a Sales T-account to reflect general ledger accounts. Post the end of month total from the sales journal to these accounts.
3. Prepare a schedule of accounts receivable and prove that its total equals the Accounts Receivable controlling account balance.
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