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To what account(s) is the column total of $171,700 in the sales journal posted? To what account(s) is the accounts receivable column total of $131,100 in the cash receipts journal posted? Exercise 7-1 Nex Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $325,700; the Accounts Payable control account had a credit balance of $80,100. The July transactions recorded in the special Journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales journal Purchases journal Cash receipts journal Cash payments journal Total sales Total purchases Accounts receivable column total Accounts payable column total $171,700 $55,900 $131,100 $44,700 What is the balance of the Accounts Receivable control account after the monthly postings on July 317 The balance of the Accounts Receivable control account $ What is the balance of the Accounts Payable control account after the monthly postings on July 317 The balance of the Accounts Payable control account

To what account(s) is the column total of $171,700 in the sales journal posted? To what account(s) is the accounts receivable column total of $131,100 in the cash receipts journal posted? Exercise 7-1 Nex Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $325,700; the Accounts Payable control account had a credit balance of $80,100. The July transactions recorded in the special Journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales journal Purchases journal Cash receipts journal Cash payments journal Total sales Total purchases Accounts receivable column total Accounts payable column total $171,700 $55,900 $131,100 $44,700 What is the balance of the Accounts Receivable control account after the monthly postings on July 317 The balance of the Accounts Receivable control account $ What is the balance of the Accounts Payable control account after the monthly postings on July 317 The balance of the Accounts Payable control account

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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To what account(s) is the column total of $171,700 in the sales journal posted? To what account(s) is the accounts receivable column total of $131,100 in the cash receipts journal posted?
Transcribed Image Text:To what account(s) is the column total of $171,700 in the sales journal posted? To what account(s) is the accounts receivable column total of $131,100 in the cash receipts journal posted?
Exercise 7-1 Nex Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $325,700; the Accounts Payable control account had a credit balance of $80,100. The July transactions recorded in the special Journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales journal Purchases journal Cash receipts journal Cash payments journal Total sales Total purchases Accounts receivable column total Accounts payable column total $171,700 $55,900 $131,100 $44,700 What is the balance of the Accounts Receivable control account after the monthly postings on July 317 The balance of the Accounts Receivable control account $ What is the balance of the Accounts Payable control account after the monthly postings on July 317 The balance of the Accounts Payable control account
Transcribed Image Text:Exercise 7-1 Nex Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $325,700; the Accounts Payable control account had a credit balance of $80,100. The July transactions recorded in the special Journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales journal Purchases journal Cash receipts journal Cash payments journal Total sales Total purchases Accounts receivable column total Accounts payable column total $171,700 $55,900 $131,100 $44,700 What is the balance of the Accounts Receivable control account after the monthly postings on July 317 The balance of the Accounts Receivable control account $ What is the balance of the Accounts Payable control account after the monthly postings on July 317 The balance of the Accounts Payable control account
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