Oriole Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postingshad been completed, the Accounts Receivable control account in the general ledger had a debit balance of $307,200; the AccountsPayable control account had a credit balance of $85,300.The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accountspayable were recorded in the general journal for July.Sales journalPurchases journalCash receipts journalCash payments journalTotal salesTotal purchasesAccounts receivable column totalAccounts payable column total$156,000$58,800$144,500$41,300 To what account(s) is the accounts receivable column total of $144,500 in the cash receipts journal posted?✓Credit accounts receivable in the general ledgerDebit cash in the general ledgerDebit accounts receivable in the general ledgerCredit cash in the general ledgerDebit sales revenue and credit accounts payable in the general ledgerCredit sales revenue and debit accounts payable in the general ledgerCredit sales revenue and debit accounts receivable in the general ledgerDebit sales revenue and credit accounts receivable in the general ledgerAttempts: 0 of 5 usec

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Oriole Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $307,200; the Payable control account had a credit balance of $85,300. The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and payable were recorded in the general journal for July. Sales journal Purchases journal Cash rocoints is Total sales Total purchases $156,000 $58,800

Oriole Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $307,200; the Payable control account had a credit balance of $85,300. The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and payable were recorded in the general journal for July. Sales journal Purchases journal Cash rocoints is Total sales Total purchases $156,000 $58,800

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 10E: Kelley Company has completed the following October sales and purchases journals: a. Total and post...

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Kelley Company has completed the following October sales and purchases journals: a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers. b. Complete a schedule of accounts receivable for October 31, 20--. c. Complete a schedule of accounts payable for October 31, 20--. d. Compare the balances of the schedules with their respective general ledger accounts. If they are not the same, find and correct the error(s).
On June 30, Isner Inc.s bookkeeper is preparing to close the books for the month. The accounts receivable control total shows a balance of $550, but the accounts receivable subsidiary ledger shows total account balances of $850. The accounts receivable subsidiary ledger is shown here. Can you help find the mistake?
Oriole Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $307,200; the Accounts Payable control account had a credit balance of $85,300. The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales journal Purchases journal Cash receipts journal Cash payments journal Total sales Total purchases Accounts receivable column total Accounts payable column total $156,000 $58,800 $144,500 $41,300
Sunland Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $ 324,100; the Accounts Payable control account had a credit balance of $ 83,300.The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales journal Total sales $ 158,000 Purchases journal Total purchases $ 51,400 Cash receipts journal Accounts receivable column total $ 137,100 Cash payments journal Accounts payable column total $ 48,600 (a) What is the balance of the Accounts Receivable control account after the monthly postings on July 31? The balance of the Accounts Receivable control account $ enter the balance of the accounts receivable control account in…
To what account(s) is the column total of $174,100 in the sales journal posted?
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Required:1. Prepare journal entries for each transaction.2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on theinformation presented and balance off each account.3. Prepare the balance sheet extract as at Dec 31 to show the net realizable value for theAccounts Receivable.4. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31
Prior to recording the following, Elite Electronics, Inc., had a credit balance of $2,000 in its Allowance for Doubtful Accounts.Required:Prepare journal entries for each transaction.a. On August 31, a customer balance for $300 from a prior year was determined to be uncollectible and was written off.b. On December 15, the customer balance for $300 written off on August 31 was collected in full.