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b. The January 7, 2020, collection from Lomas Industries. Amount

b. The January 7, 2020, collection from Lomas Industries. Amount

FINANCIAL ACCOUNTING
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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Analyzing the accounts, determine the following amounts: a. The December 31, 2019, balance in Lomas Industries' account. Amount b. The January 7, 2020, collection from Lomas Industries. Amount c. The December 31, 2020, balance In the Accounts Recelvable controlling account. Amount d. The November 15, 2020, transaction In JenStar Company's account. Amount
Transcribed Image Text:Analyzing the accounts, determine the following amounts: a. The December 31, 2019, balance in Lomas Industries' account. Amount b. The January 7, 2020, collection from Lomas Industries. Amount c. The December 31, 2020, balance In the Accounts Recelvable controlling account. Amount d. The November 15, 2020, transaction In JenStar Company's account. Amount
General Ledger Accounts Receivable Dec. 31/19 Balance 158,500 7,e00 ???? 14,800 Jan. 4/20 Collections in 2020 July 15/20 Credit sales in 2020 ???? Dec. 31/20 Balance ????| Allowance for Doubtful Accounts July 15/20 14, e00 200 Dec. 31/19 Balance Dec. 31/20 Dec. 31/20 Balance Accounts Receivable Subledger Jenstar Conpany 48,000 Dec. 31/19 Balance Nov. 15/20 ???? 48, 000 Jan. 20/20 Dec. 31/2e Balance 184,000 Indigo Developments Dec. 31/19 Balance Mar. 1/20 Nov. 28/2e Dec. 2/20 -e- 17,eee 39,000 4,eee 17,000 Mar. 20/20 Dec. 31/20 Balance 43,000 Lomas Industries ???? Dec. 31/19 Balance 7,e00 Jan. 4/20 Jan. 7/20 May 5/20 ???? Apr. 21/20 Dec. 7/20 52,800 52,800 21,000 21,800 Dec. 31/20 Balance PDO Servicing 14,000 Dec. 31/19 Balance 14,000 July 15/20 Dec. 31/20 Balance -0- During the year 2020, there were no recoverles of accounts previously written off. Only one account, that of PDQ Servicing, was Identified as belng uncollectible on July 15, 2020. On January 4. 2020, Farthington Issued a $7.000 credit memo to Lomas Industries regarding damaged goods returned.
Transcribed Image Text:General Ledger Accounts Receivable Dec. 31/19 Balance 158,500 7,e00 ???? 14,800 Jan. 4/20 Collections in 2020 July 15/20 Credit sales in 2020 ???? Dec. 31/20 Balance ????| Allowance for Doubtful Accounts July 15/20 14, e00 200 Dec. 31/19 Balance Dec. 31/20 Dec. 31/20 Balance Accounts Receivable Subledger Jenstar Conpany 48,000 Dec. 31/19 Balance Nov. 15/20 ???? 48, 000 Jan. 20/20 Dec. 31/2e Balance 184,000 Indigo Developments Dec. 31/19 Balance Mar. 1/20 Nov. 28/2e Dec. 2/20 -e- 17,eee 39,000 4,eee 17,000 Mar. 20/20 Dec. 31/20 Balance 43,000 Lomas Industries ???? Dec. 31/19 Balance 7,e00 Jan. 4/20 Jan. 7/20 May 5/20 ???? Apr. 21/20 Dec. 7/20 52,800 52,800 21,000 21,800 Dec. 31/20 Balance PDO Servicing 14,000 Dec. 31/19 Balance 14,000 July 15/20 Dec. 31/20 Balance -0- During the year 2020, there were no recoverles of accounts previously written off. Only one account, that of PDQ Servicing, was Identified as belng uncollectible on July 15, 2020. On January 4. 2020, Farthington Issued a $7.000 credit memo to Lomas Industries regarding damaged goods returned.
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