AB-18E
Question
A customer account in the accounts receivable subsidiary ledger of Leger Old Company follows:
Describe the three posted transactions.
Step-by-Step Solution
Verified Answer
The first transaction is related to the credit sales and the other two are related to the amount received from the receivable.
1Step1: Transaction on Nov 9
The goods sold to JOSH WILLO on account for $1,180
2Step 2: Transaction on Nov 18
Amount received from JOSH for the amount of $190.
3Step 3: Transaction on Nov 30
Amount received from JOSH WILLOW for the amount of $700.
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