EA8. LO 7.4 Maddie Inc. has the following transactions for its first month of business. May 1 Credit sale to Green Lantern Inc. for $1,999 May 2 Credit sale to Wonder Woman Inc. for $2,000 May 3 Credit sale to Flash Inc. for $3,050 May 4 Received $1,000 on account from Green Lantern Inc. May 5 Credit sale to Black Panther Inc. for $1,875 May 6 Received the full amount from Flash Inc. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?

EA8. LO 7.4 Maddie Inc. has the following transactions for its first month of business. May 1 Credit sale to Green Lantern Inc. for $1,999 May 2 Credit sale to Wonder Woman Inc. for $2,000 May 3 Credit sale to Flash Inc. for $3,050 May 4 Received $1,000 on account from Green Lantern Inc. May 5 Credit sale to Black Panther Inc. for $1,875 May 6 Received the full amount from Flash Inc. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 8PA: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions...

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