Selected account balances for Wildhorse Company at January 1, 2022, are presented below. Accounts Payable $14,400 Accounts Receivable 21,000 Cash 16,100 Inventory 12,900 Wildhorse's sales journal for January shows a total of $112,000 in the selling-price column, and its one-column purchases journal for January shows a total of $76,600. The column totals in Wildhorse's cash receipts journal are Cash Dr. S60,500, Sales Discounts Dr. $2,200, Accounts Receivable Cr. $45,800, Sales Revenue Cr. $5,900, and Other Accounts Cr. $11,000. The column totals in Wildhorse's cash payments journal for January are Cash Cr. $54,200, Inventory Cr. $2,500, Accounts Payable Dr. $45,300, and Other Accounts Dr. $11,400. Hulse's total cost of goods sold for January is $62,200. Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales Revenue are not involved in the Other Accounts column in either the cash receipts or cash payments journal, and are not involved in any general journal entries. Compute the January 31 balance for Wildhorse in the following accounts. a. Accounts Payable Senter a dollar amount b. Accounts Receivable Senter a dollar amount C. Cash Senter a dollar amount d. Inventory Senter a dollar amount e. Sales Revenue Senter a dollar amount
Selected account balances for Wildhorse Company at January 1, 2022, are presented below. Accounts Payable $14,400 Accounts Receivable 21,000 Cash 16,100 Inventory 12,900 Wildhorse's sales journal for January shows a total of $112,000 in the selling-price column, and its one-column purchases journal for January shows a total of $76,600. The column totals in Wildhorse's cash receipts journal are Cash Dr. S60,500, Sales Discounts Dr. $2,200, Accounts Receivable Cr. $45,800, Sales Revenue Cr. $5,900, and Other Accounts Cr. $11,000. The column totals in Wildhorse's cash payments journal for January are Cash Cr. $54,200, Inventory Cr. $2,500, Accounts Payable Dr. $45,300, and Other Accounts Dr. $11,400. Hulse's total cost of goods sold for January is $62,200. Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales Revenue are not involved in the Other Accounts column in either the cash receipts or cash payments journal, and are not involved in any general journal entries. Compute the January 31 balance for Wildhorse in the following accounts. a. Accounts Payable Senter a dollar amount b. Accounts Receivable Senter a dollar amount C. Cash Senter a dollar amount d. Inventory Senter a dollar amount e. Sales Revenue Senter a dollar amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Selected account balances for Wildhorse Company at January 1, 2022, are presented below.
Accounts Payable
$14,400
Accounts Receivable
21,000
Cash
16,100
Inventory
12,900
Wildhorse's sales journal for January shows a total of $112,000 in the selling-price column, and its one-column purchases journal for January shows a total of $76,600.
The column totals in Wildhorse's cash receipts journal are Cash Dr. $60,500, Sales Discounts Dr. $2,200, Accounts Receivable Cr. $45,800, Sales Revenue Cr. $5,900, and Other Accounts Cr. $11,000.
The column totals in Wildhorse's cash payments journal for January are Cash Cr. $54,200, Inventory Cr. $2,500, Accounts Payable Dr. $45,300, and Other Accounts Dr. $11,400. Hulse's total cost of goods sold for January is $62,200.
Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales Revenue are not involved in the Other Accounts column in either the cash receipts or cash payments journal, and are not involved in any general journal entries.
Compute the January 31 balance for Wildhorse in the following accounts.
a.
Accounts Payable
Senter a dollar amount
b.
Accounts Receivable
Senter a dollar amount
C.
Cash
Senter a dollar amount
d.
Inventory
Senter a dollar amount
e.
Sales Revenue
Senter a dollar amount
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