At the beginning of the month, the accounts receivable subsidiary ledgershowed balances for Apple Company of $5,000 and Berry Company of$7,000. During the month, credit sales were made to Apple for $6,000, Berryfor $4,500, and Cantaloupe for $8,500. Cash was collected on account fromBerry for $11,500 and Cantaloupe for $3,000. At the end of the month, thecontrol account Accounts Receivable in the general ledger should have abalance of:a. $12,000b. $31,000c. $16,500d. $11,000

Step 1: Definition of Subsidiary Ledgers:Subsidiary ledgers are ledgers that support a control…

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 5EB: Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...

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Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
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.
On April 30, Gomez Services had an Accounts Receivable balance of $30,100. During the month of May, total credits to Accounts Receivable were $65,200 from customer payments. The May 31 Accounts Receivable balance was $24,000. What was the amount of credit sales during May?
On April 30, Holden Company had an Accounts Receivable balance of $18,00O. During the month of May. total credits to Accounts Receivable were $52,000 from customer payments. The May 31 Accounts Receivable balance was $13,000. What was the amount of credit sales during May? $52,000. $32,000. $47,000. $57,000. $5.000.
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 September 30, Valerian Co. had a $111,500 balance in Accounts Receivable. During October, the company collected $111,890 from its credit customers. The October 31 balance in Accounts Receivable was $107,000. Determine the amount of sales on account that occurred in October.
Jasper Company has sales on account and for cash. Speclfically, 63% of Its sales are on account and 37% are for cash. Credit sales are collected In full in the month following the sale. The compay forecasts sales of $526.000 for April, $536.,000 for May, and $561,000 for June. The beginning balance of Accounts Recetvable Is S291.600 on Aprll 1. Prepare a schedule of budgeted cash recelpts for Aprl, May, and June.
Jasper Company had a beginning Accounts Receivable balance of $230,000. During the month, total sales of $765,000 were made. Of the total sales, $250,000 were cash sales while the remaining amount was credit sales. The company collected $555,000 from customers for amounts owed. Fill in the amounts in the T-account, including the ending Accounts Receivable balance. Accounts Receivable Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text.
A wants you to calculate its average days in accounts receivable for theyear. Its beginning and ending balances for Accounts Receivable were $11,500 and$17,250, including GST, respectively. The beginning and ending balances for theAllowance account were $350 and $500, respectively. All sales are on credit andamounted to $135,000, while the ending balance for Sales Returns & Allowances was$10,000. What is the average days in accounts receivable?a. 35.26.b. 41.98.c. 40.73d. 36.50.
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…
As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000, and $150,000, respectively. Of each month's sales, 20% are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with the remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and cash sales) in the month of March? a. $146,800 b. $102,000 c. $74,800 d. $116,800 Please don't provide answer in image format thank you
As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000, and $150,000, respectively. Of each month's sales, 20% are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with the remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and cash sales) in the month of March? a - 74,800 b- 102,000 c- 116,800 d- 146,800

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