Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2012.
The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule of accounts payable is to confirm that the sum of the supplier balances recorded in the accounts payable subsidiary ledger is equal to the balance of the Accounts Payable control account in the general ledger.
Instructions for schedules of accounts
Using the subsidiary ledgers and the general ledger:
1)Create a schedule of accounts receivable as at the end of June.
2)Create a schedule of accounts payable as at the end of June.
Remember to enter all answers to the nearest whole dollar.
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