Expert need your help At the beginning of the month, the accounts receivablesubsidiary ledger showed balances for Alpha Company of$6,200 and Bravo Company of $8,300. During the month,credit sales were made to Alpha for $7,200, Bravo for $5,100,and Cherry for $9,100. Cash was collected on account fromBravo for $12,400 and Cherry for $3,700.At the end of the month, the control account AccountsReceivable in the general ledger should have a balance of:

Concept of Accounts Receivable: Accounts Receivable refers to the amounts of money owed to a company…

Answered: At the beginning of the month, the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....

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Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
Receivable in the general ledger should have a balance of
Accounts receivable in the general ledger should have balance of?
On September 1, the balance of the Accounts Receivable control account in the general ledger of Cullumber Company was $10,390. The customers’ subsidiary ledger contained account balances as follows: Hurley $1,320, Andino $2,360, Fowler $2,080, and Sogard $4,630. At the end of September, the various journals contained the following information. Sales journal: Sales to Sogard $740, to Hurley $1,160, to Giambi $1,370, and to Fowler $1,130. Cash receipts journal: Cash received from Fowler $1,300, from Sogard $2,350, from Giambi $370, from Andino $1,810, and from Hurley $1,320. General journal: An allowance is granted to Sogard $150. (a) Set up control and subsidiary accounts and enter the beginning balances. Accounts Receivable Date Explanation Ref. Debit Credit Balance Sept. 1 Balance √ enter a debit amount enter a credit amount enter a balance amount Accounts Receivable Subsidiary Ledger Fowler…
On July 31, Bristlecone Pine Art Ltd. had a $54,500 balance in Accounts Receivable and a $3,100 credit balance in Allowance for Uncollectible Accounts. During August, Bristlecone Pine Art Ltd. made credit sales of $42,000. August cash collections on account were $17,800; write-offs of uncollectible receivables totalled $1,200; and an account of $400 was recovered. After careful assessment of the updated accounts receivables, Bristlecone Pine Art Ltd. estimates that $3,800 won't be collected. Blank #1: What is the updated Accounts Receivable balance? Blank #2: What is the updated Allowance for Uncollectible Accounts balance? Blanks #3-6: Record the estimated uncollectible amount accordingly. Enter the information in the following order: Blank #3: Debit account Blank #4: Debit $-amount Blank #5: Credit account Blank #6: Credit $-amount Required formatting: For $-amounts, only enter the plain number without $-sign, commas etc. Round results to full units (i.e., round to dollar).
On July 31, Harrison Company had an Accounts Receivable balance of $25,400. During the month of August, total credits to Accounts Receivable were $68,000 from customer payments. The August 31 Accounts Receivable balance was $18,500. What was the amount of credit sales during August? A) $68,000 B) $39,100 C) $61,100 D) $75,900 E) $7,900
Roper Electronics received its bank statement for the month of August with an ending balance of $11,775. Roper determined that Check No. 613 for $155 and Check No. 601 for $420 were both outstanding. A $6,900 deposit for August 30 was in transit as of the end of the month. Northern Regional Bank also collected $5,250 on a note receivable, which included interest of $250. The bank statement reveals a bank service charge of $20. A customer check for $68 was returned with the bank statement marked “NSF.” The ending balance of the Roper cash account is $12,938. Question Content Area a. Prepare a bank reconciliation as of August 31. Cash balance according to bank statement Add bank service chargeAdd collection feeAdd deposit in transitDeduct collection feeDeduct deposit in transit Deduct outstanding checks: No. 600No. 601No. 603No. 604No. 605 No. 611No. 612No. 613No. 614No. 615 Adjusted balance Cash balance according to Roper Electronics Add deposit in transitAdd note and…
On September 1, the balance of the Accounts Receivable control account in the general ledger of Ivanhoe Company was $10,790. The customers' subsidiary ledger contained account balances as follows: Hurley $1,320, Andino $2,710, Fowler $2,020, and Sogard $4,740. At the end of September, the various journals contained the following information. Sales journal: Cash receipts journal: General journal: Sales to Sogard $840, to Hurley $1,130, to Giambi $1,390, and to Fowler $1,210. Cash received from Fowler $1,370, from Sogard $2,300, from Giambi $280, from Andino $1,770, and from Hurley $1,100. An allowance is granted to Sogard $320. (a) (b) Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.) Accounts Receivable Date Explanation Ref. Sept. 1 Balance Debit Credit Balance V 10,790 S CR
On July 31, Harrison Company had an Accounts Receivable balance of $25,400. During the month of August, total credits to Accounts Receivable were $68,000 from customer payments. The August 31 Accounts Receivable balance was $18,500. What was the amount of credit sales during August? A) $68,000 B) $39,100 C) $61,100 D) $75,900 E) $7,900 help
Roper Electronics received its bank statement for the month of August with an ending balance of $11,740. Roper determined that check #613 for $155 and check #601 for $420 were both outstanding. Also, a $6,900 deposit for August 30 was in transit as of the end of the month. Northern Regional Bank also collected a $5,000 notes receivable on August 1 that was issued March 1. Accrued interest is $250. Northern Regional Bank charged a $35 fee for the collection service. The bank statement reveals a bank service charge of $20. A customer check for $68 was returned with the bank statement marked “NSF.” The ending balance of the Roper cash account is $12,938. Prepare a bank/account reconciliation and any necessary journal entries for the reconciliation
Warton Company posts individual sales to the accounts receivable subsidiary ledger immediately. At the end of each month, Warton posts the end-of-month totals to the general ledger. July 2 Mary Mack $ 9,400 July 8 Eric Horner 11,900 July 10 Troy Wilson 14,200 July 14 Hong Jiang 21,300 July 20 Troy Wilson 12,000 July 29 Mary Mack 8,100 Total credit sales 76,900 Required: Post the amounts to the accounts receivable subsidiary ledger for each of these customers above. Post the end-of-month total to Accounts Receivable controlling T-account and a Sales T-account. Prepare a schedule of accounts receivable and prove (confirm) that its total equals the Accounts Receivable controlling account balance.
The following is information related to Sunland Company for its first month of operations. Credit Sales Cash Collections Jan. 7 15 Austin Co. $11,600 Diaz Co. Jan. 17 Austin Co. $7,500 7,200 24 Diaz Co. 4,500 23 Noble Co. 10,000 29 Noble Co. 10,000 Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. Balance of Accounts Receivable $ Austin Co. $ Subsidary Ledger Diaz Co. $ Noble Co. $ General Led

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