In your audit of the Gamer Inc., the client provided you the details of the Trade Accounts Receivable general ledger as follows: DEBITS Beginning Balance Credit Sales Shareholders' subscrptions Deposit on contract Claims against common carrier for damages IOUS from employees Cash advance to affiliates Advances to a supplier CREDITS 700,000 7,000,000 Write-off 300,000 Merchandise returns 220,000 Allowances to customer for shipping damages 200,000 Collections on carrier claims 20,000 Collections on subscriptions 200,000 60,000 Collections from Customers Use the above information in answering questions 1-5: Q1. The correct amount of trade accounts receivable 6,300,000 45,000 50,000 35,000 50,000 60,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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In your audit of the Gamer Inc., the client provided you the details of the Trade Accounts Receivable general ledger as follows:
DEBITS
Beginning Balance
Credit Sales
Shareholders' subscrptions
Deposit on contract
Claims against common carrier for damages
IOUS from employees
Cash advance to affiliates
Advances to a supplier
CREDITS
700,000
7,000,000 Write-off
300,000
Merchandise returns
220,000
Allowances to customer for shipping damages
200,000 Collections on carrier claims
20,000 Collections on subscriptions
200,000
60,000
Collections from Customers
Use the above information in answering questions 1-5:
Q1. The correct amount of trade accounts receivable
6,300,000
45,000
50,000
35,000
50,000
60,000
Transcribed Image Text:In your audit of the Gamer Inc., the client provided you the details of the Trade Accounts Receivable general ledger as follows: DEBITS Beginning Balance Credit Sales Shareholders' subscrptions Deposit on contract Claims against common carrier for damages IOUS from employees Cash advance to affiliates Advances to a supplier CREDITS 700,000 7,000,000 Write-off 300,000 Merchandise returns 220,000 Allowances to customer for shipping damages 200,000 Collections on carrier claims 20,000 Collections on subscriptions 200,000 60,000 Collections from Customers Use the above information in answering questions 1-5: Q1. The correct amount of trade accounts receivable 6,300,000 45,000 50,000 35,000 50,000 60,000
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