Lesson 9: During this class we will take up Problem 8-11 which we completed last day.
Once we have taken up last day's problem, we will then explore Topic #5 of Chapter 8 - Explaining Month-End Procedures and Introducing the One-Write System.
The primary focus of this topic is the Schedule of Accounts Receivable (page 333). This is a list of all the indivdual customer account balances for a business.
| L. Brown | $100.00 |
| D. Smith | 125.00 |
| ------------ | |
| Total of Accounts Receivable | $225.00 |
| ======= | |
The Schedule of Accounts receivable notes the difference between our Fees Earned and our Cash Receipts.
However, we will also pay great attention to the posting procedure that takes place at the end of the month where we post the totals of the Fees Earned Journal and the Cash Receipts Journal to the General Ledger. In addition, we will briefly explore the advantage of maintianing an Aged Trial Balance.
Evaluation Exercise:
The assigned problem for the class will be Challenge Problem 8-14 on page 341.
Reference:
Please read this topic (pages 331-340) in preparation for the class.
We will have a test on chapter #8 next class. Please refer to the review sheet while studying for this test.