Current Attempt in ProgressPresented below is information related to Sheridan Company for its first month of operations.Jan. 06Jan. 10Jan. 23BalanceofCredit PurchasesGorst CompanyTian CompanyAccountsPayable$9,00011,800Maddox Company 12,300$Gorst CompanyJan. 11Determine the balances that appear in the accounts payable subsidiary ledger. What Accounts Payable balance appears in the generalledger at the end of January?$Jan. 16Jan. 29Cash PaidGorst CompanyTian CompanyMaddox CompanySubsidary LedgerTian Company69$6,80011,8007,400$Maddox Company$General Ledge

Accounts Payable Subsidiary Ledger - This is an accounting ledger that shows the summary of each creditor. It reflects the details of credit purchases from a particular supplier and the amount of cash paid to that supplier.Accounts Payable General Ledger - This shows the total balance of accounts payable of the company. Subsidiary LedgerGeneral LedgerGorst CompanyTian CompanyMaddox Company(A)(B)(C)(D=A+B+C)Balance of Accounts Payable $2,200 $0 $4,900 $7,100 ($9,000 - $6,800)($11,800 - $11,800)($12,300 - $7,400)Here, the balance of accounts payable of each creditor has been shown by deducting cash paid from the credit purchase of each supplier. This shows the net amount of accounts payable to each creditor at the end of January.The accounts payable balance in General Ledger is $7,100 ($2,200 + $0 + $4,900).

Business

Accounting

Presented below is information related to Sheridan Company for its first month of operations. Jan. 06 Jan. 10 Jan. 23 Credit Purchases Gorst Company Tian Company Maddox Company $9,000 11,800 12,300 Jan. 11 Jan. 16 Jan. 29 Cash Paid Gorst Company Tian Company Maddox Company $6,800 11,800 7,400 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?

Presented below is information related to Sheridan Company for its first month of operations. Jan. 06 Jan. 10 Jan. 23 Credit Purchases Gorst Company Tian Company Maddox Company $9,000 11,800 12,300 Jan. 11 Jan. 16 Jan. 29 Cash Paid Gorst Company Tian Company Maddox Company $6,800 11,800 7,400 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?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Receivable Ending Accounts Receivable Net Sales WalCo TarMart $1,815 $2,762 $322,427 6,166 6,694 67,878 CostGet 629 665 68,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. 2. Which company appears most efficient in collecting cash from sales? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. (Enter your rounded to 1 decimal place.) WalCo TarMart CostGet Choose Numerator Receivables Turnover Ratio Choose Denominator Average Collection Period Choose Numerator Choose Denominator = Receivables turnover ratio times times times = Average collection period
answer in text form please (without image)
H
Journal Entries for Accounts and Notes ReceivablePittsburgh, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $33,000, 60 day, eight percent note on account from J. Albert. Aug.7 Received payment from J. Albert on her note (principal plus interest). Sep.1 Received an $39,000, 120 day, nine percent note from R.T. Matthews Company on account. Dec.16 Received a $31,800, 45 day, ten percent note from D. Leroy on account. Dec.30 R.T. Matthews Company failed to pay its note. Dec.31 Wrote off R.T. Matthews account as uncollectible. Pittsburgh, Inc. uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $48,200. An analysis of aged receivables indicates that the desired balance of the allowance account should be $43,000.…
Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Ending Accounts Receivable $2,722 6,494 625 WalCo TarMart CostGet Receivable $1,775 5,966 589 Net Sales $318,427 63,878 64,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. 2. Which company appears most efficient in collecting cash from sales?
Subject:- accounting
Haresh
The following information is available for Market, Incorporated and Supply, Incorporated at December 31. Accounts Market, Incorporated Supply, Incorporated Accounts receivable $59,800 $77,800 Allowance for doubtful accounts 2,548 2,956 Sales revenue 616,960 907,100 Required What is the accounts receivable turnover for each of the companies? What is the average days to collect the receivables? Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? What is the accounts receivable turnover for each of the companies? (Round your answers to 1 decimal place.) Company Accounts Receivable Turnover Market times Supply times What is the average days to collect the receivables? (Use 365 days in a year. Do not round intermediate calculations. Round your answers to the nearest whole number.)…
The following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 116,000 Allowance for doubtful accounts 12,700 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $258,000. Sold merchandise to Abbey Corp; invoice amount, $42,000. Sold merchandise to Brown Company; invoice amount, $53,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $56,000. Collected $119,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $48,400. Cavendish paid its account in full after the…
Tanger Company has three customers: E, F, and G. The beginning accounts receivable subsidiary ledger of customers F and G have $2,600 and $1,500, respectively. The beginning Accounts Receivable balance in the general ledger is $12,000. Calculate the ending amount in the accounts receivable subsidiary ledger account of customer E, if customer E also made a $3,900 payment. OA. $4,000 OB. $3,900 OC. $1,500 OD. $2,600
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
1. On September 1, 2021, Lily Company had an initial accounts receivable control account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid Company. The following were information regarding Lily Company's accounts receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ - Instructions: What was the September 1 balance in the Orchid Company subsidiary account? b. What was the September 30 balance in the control account? c. Compute the balance in the subsidiary accounts at the end of the month! d. Which September transaction would not be recorded in the four common types of the special journal?