Oriole Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postingshad been completed, the Accounts Receivable control account in the general ledger had a debit balance of $307,200; the AccountsPayable control account had a credit balance of $85,300.The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accountspayable were recorded in the general journal for July.Sales journalPurchases journalCash receipts journalCash payments journalTotal salesTotal purchasesAccounts receivable column totalAccounts payable column total$156,000$58,800$144,500$41,300 To what account(s) is the accounts receivable column total of $144,500 in the cash receipts journal posted?✓Credit accounts receivable in the general ledgerDebit cash in the general ledgerDebit accounts receivable in the general ledgerCredit cash in the general ledgerDebit sales revenue and credit accounts payable in the general ledgerCredit sales revenue and debit accounts payable in the general ledgerCredit sales revenue and debit accounts receivable in the general ledgerDebit sales revenue and credit accounts receivable in the general ledgerAttempts: 0 of 5 usec

Account - An account is a generic ledger record that is used to categorize and keep track of…

Oriole Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $307,200; the Payable control account had a credit balance of $85,300. The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and payable were recorded in the general journal for July. Sales journal Purchases journal Cash rocoints is Total sales Total purchases $156,000 $58,800

Oriole Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $307,200; the Payable control account had a credit balance of $85,300. The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and payable were recorded in the general journal for July. Sales journal Purchases journal Cash rocoints is Total sales Total purchases $156,000 $58,800

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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At the end of October, Santa Fe Company’s management estimates the uncollectible accounts expense to be 1 percent of net sales of $1,385,000. Prepare the journal entry to record the uncollectible accounts expense, assuming the Allowance for Uncollectible Accounts has a debit balance of $7,000.
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