Maddie Inc. has the following transactions for its first month of business. May 1 Credit sale to Green Lantern Inc. for $2,099. May 2 Credit sale to Wonder Woman Inc. for $2,500. May 3 Credit sale to Flash Inc. for $3,250. May 4 Received $1,100 on account from Green Lantern Inc. May 5 Credit sale to Black Panther Inc. for $1,975.
Maddie Inc. has the following transactions for its first month of business. May 1 Credit sale to Green Lantern Inc. for $2,099. May 2 Credit sale to Wonder Woman Inc. for $2,500. May 3 Credit sale to Flash Inc. for $3,250. May 4 Received $1,100 on account from Green Lantern Inc. May 5 Credit sale to Black Panther Inc. for $1,975.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Maddie Inc. has the following transactions for its first month of business.
| May 1 | Credit sale to Green Lantern Inc. for $2,099. |
| May 2 | Credit sale to Wonder Woman Inc. for $2,500. |
| May 3 | Credit sale to Flash Inc. for $3,250. |
| May 4 | Received $1,100 on account from Green Lantern Inc. |
| May 5 | Credit sale to Black Panther Inc. for $1,975. |
| May 6 | Received the full amount from Flash Inc. |
A. What are the individual account balances, and the total balance, in the
Select customer names with balances in their accounts in the same order as they first appear in the list of transactions.
B. What is the balance in the accounts receivable general ledger (control) account?
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