Business Administration 2257 Study Guide - Midterm Guide: Accounts Receivable, Trial Balance
9 Apr 2015
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The purpose of this case is to give you practice dealing with accounts receivable (a/r) transactions. This case will help you determine how to account for each of the a/r transactions outlined in the case. The first thing we must do is post the opening balances from the partial statement of financial position given in the case. Keep in mind that since we do not have the full statement of financial position, our debits will not equal our credits. This, however, does not mean that when we enter transactions that our credits should not equal our debits. Whenever you enter transactions, make sure your debits equal your credits. Your super-t should look like the one on the following page once you have posted the opening balances: In the second paragraph of the case, we are given information about the credit terms and the sales figures for the year.
