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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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This is the single question of the two parts
Transcribed Image Text: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?
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