Questions: Required information [The following information applies to the questions displayed below.] Vail Company recorded the following transactions during November. Date Nov. 5 Accounts Receivable-Ski Shop Debit Credit Sales 4,975 10 Accounts Receivable-Welcome Enterprises Sales 2,983 2,983 13 Accounts Receivable-Zia Natara Sales 1,749 1,749 21 Sales Returns and Allowances Accounts Receivable-Zia Natara 451 451 30 Accounts Receivable-Ski Shop Sales 6,219 6,219 1. Prepare a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Post these entries to both the general ledger and the accounts receivable ledger.

Required information [The following information applies to the questions displayed below.] Vail Company recorded the following transactions during November. Date Nov. 5 Accounts Receivable-Ski Shop Debit Credit Sales 4,975 10 Accounts Receivable-Welcome Enterprises Sales 2,983 2,983 13 Accounts Receivable-Zia Natara Sales 1,749 1,749 21 Sales Returns and Allowances Accounts Receivable-Zia Natara 451 451 30 Accounts Receivable-Ski Shop Sales 6,219 6,219 1. Prepare a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Post these entries to both the general ledger and the accounts receivable ledger.
Transcript text: Required information [The following information applies to the questions displayed below.] Vail Company recorded the following transactions during November. \begin{tabular}{|c|c|c|c|} \hline Date & & & \\ \hline Nov. 5 & Accounts Receivable-Ski Shop & Debit & Credit \\ \hline & Sales & & 4,975 \\ \hline 10 & Accounts Receivable-Welcome Enterprises Sales & 2,983 & 2,983 \\ \hline 13 & Accounts Receivable-Zia Natara Sales & 1,749 & 1,749 \\ \hline 21 & Sales Returns and Allowances Accounts Receivable-Zia Natara & 451 & 451 \\ \hline 30 & Accounts Receivable-Ski Shop Sales & 6,219 & 6,219 \\ \hline \end{tabular} 1. Prepare a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Post these entries to both the general ledger and the accounts receivable ledger.
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Solution

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To prepare a general ledger with T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances, we need to post the given transactions to these accounts. Let's break down each transaction and post them accordingly.

T-Accounts
Accounts Receivable
| Date | Description | Debit | Credit |
|------|-------------|-------|--------|
| Nov 5 | Ski Shop   | 4,975 |        |
| Nov 10| Welcome Enterprises | 2,983 | |
| Nov 13| Zia Natara | 1,749 |        |
| Nov 21| Zia Natara |        | 451   |
| Nov 30| Ski Shop   | 6,219 |        |
Sales
| Date | Description | Debit | Credit |
|------|-------------|-------|--------|
| Nov 5 | Ski Shop   |       | 4,975  |
| Nov 10| Welcome Enterprises | | 2,983|
| Nov 13| Zia Natara |       | 1,749  |
| Nov 30| Ski Shop   |       | 6,219  |
Sales Returns and Allowances
| Date | Description | Debit | Credit |
|------|-------------|-------|--------|
| Nov 21| Zia Natara | 451   |        |
Posting to the General Ledger

  1. Accounts Receivable:

    • Debit entries increase the Accounts Receivable balance, representing sales made on credit.
    • Credit entries decrease the Accounts Receivable balance, representing returns or allowances.

  2. Sales:

    • Credit entries increase the Sales balance, representing revenue from sales.

  3. Sales Returns and Allowances:

    • Debit entries increase the Sales Returns and Allowances balance, representing returns or allowances given to customers.
Accounts Receivable Ledger

  • Ski Shop:

    • Nov 5: Debit 4,975
    • Nov 30: Debit 6,219

  • Welcome Enterprises:

    • Nov 10: Debit 2,983

  • Zia Natara:

    • Nov 13: Debit 1,749
    • Nov 21: Credit 451
Summary
  • The Accounts Receivable T-account shows the total amount owed by customers after accounting for sales and any returns.
  • The Sales T-account reflects the total revenue generated from sales.
  • The Sales Returns and Allowances T-account shows the total value of returns and allowances given to customers.

By organizing the transactions into T-accounts, we can clearly see the impact of each transaction on the company's financial position.

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