Presented below is information related to Ivanhoe Company for its first month of operations. Jan. 06 Jan. 10 Jan. 23 ce ints le Credit Purchases $ Gorst Company Tian Company Maddox Company Gorst Company $8,600 4200 13,000 11,900 Jan. 11 $ Jan. 16 Jan. 29 Determine the balances that appear in the accounts payable subsidiary ledger. What Accounts Payable balance appears in the general ledger at the end of January? Cash Paid Gorst Company Tian Company Maddox Company Subsidary Ledger Tian Company 0 $5,500 $ 13,000 6,500 Maddox Company 5800 $ General Ledger 10000

Presented below is information related to Ivanhoe Company for its first month of operations. Jan. 06 Jan. 10 Jan. 23 ce ints le Credit Purchases $ Gorst Company Tian Company Maddox Company Gorst Company $8,600 4200 13,000 11,900 Jan. 11 $ Jan. 16 Jan. 29 Determine the balances that appear in the accounts payable subsidiary ledger. What Accounts Payable balance appears in the general ledger at the end of January? Cash Paid Gorst Company Tian Company Maddox Company Subsidary Ledger Tian Company 0 $5,500 $ 13,000 6,500 Maddox Company 5800 $ General Ledger 10000

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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The ledger of Larkspur Company at the end of the current year shows Accounts Receivable $92,000, Credit Sales $850,000, and Sales Returns and Allowances $37,000. (a) (b) (c) If Larkspur uses the direct write-off method to account for uncollectible accounts, journalize the entry if on July 7 Larkspur determines that Matisse company's $900 balance is uncollectible. Assume Larkspur uses the allowance method to account for uncollectible accounts. If Allowance for Doubtful Accounts has a credit balance of $1,500 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (b) Assume Larkspur uses the allowance method to account for uncollectible accounts. If Allowance for Doubtful…
prepare journa entries and bank rencoliation
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