a. From the following list of balances, prepare the Accounts Receivable Control Account for the month of June 2020 in thebooks of Country Fresh to show the missing balances at June 30, 2020.April 1 Balances:Accounts Receivable Control:Dr $25,000Cr $2,000Totals at June 30, 2020Credit Sales150,000Cash Sales8,000Refund to credit customers1,000Interest charged on credit customers account1,500Receipts from credit customers78,500Balances in sales ledger set off against4,000balances in purchases ledgerDiscounts Allowed500Bad Debts1,000Dishonoured Cheque1,500Sales returns500Balances at 30 June 2020Accounts Receivable ControlDr $ ?Cr $1,000b.State TWO possible reasons for the credit balance in the Sales Ledger ControlAccount.c.State three uses of a control accounts.

Accounts Receivable: Accounts receivable indicates the amounts which company has not received from…

a. From the following list of balances, prepare the Accounts Receivable Control Account for the month of June 2020 in the books of Country Fresh to show the missing balances at June 30, 2020. April 1 Balances: DE $25,000 Cr $2,000 Accounts Receivable Control: Totals at June 30, 2020 Credit Sales 150,000 Cash Sales 8,000 Refund to credit eustomers 1,000 Interest charged on credit customers account Receipts from credit eustomers 1,500 78,500 Balances in sales ledger set off against balances in purchases ledger 4,000 Discounts Allowed 500 Bad Debts 1.000 Pisbonoured Cheque Sales returns 1,500 500 Balances at 30 June 2020 Accounts Receivable Control Dr $ ? Cr $1,000 b. State TWO posible reasons for the credit balance in the Sales Ledger Control Account. C. State three uses of a control accounts.

a. From the following list of balances, prepare the Accounts Receivable Control Account for the month of June 2020 in the books of Country Fresh to show the missing balances at June 30, 2020. April 1 Balances: DE $25,000 Cr $2,000 Accounts Receivable Control: Totals at June 30, 2020 Credit Sales 150,000 Cash Sales 8,000 Refund to credit eustomers 1,000 Interest charged on credit customers account Receipts from credit eustomers 1,500 78,500 Balances in sales ledger set off against balances in purchases ledger 4,000 Discounts Allowed 500 Bad Debts 1.000 Pisbonoured Cheque Sales returns 1,500 500 Balances at 30 June 2020 Accounts Receivable Control Dr $ ? Cr $1,000 b. State TWO posible reasons for the credit balance in the Sales Ledger Control Account. C. State three uses of a control accounts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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