Sheridan Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $300,300; the Accounts Payable control account had a credit balance of $83.600 The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July Sales journal Total sales $169,300 $57,000 Purchases journal Total purchases Cash receipts journal Accounts receivable column total $141.000 Cash payments journal Accounts payable column total $46,700 (a) What is the balance of the Accounts Receivable control account after the monthly postings on July 31 The balance of the Accounts Receivable control account S
Sheridan Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $300,300; the Accounts Payable control account had a credit balance of $83.600 The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July Sales journal Total sales $169,300 $57,000 Purchases journal Total purchases Cash receipts journal Accounts receivable column total $141.000 Cash payments journal Accounts payable column total $46,700 (a) What is the balance of the Accounts Receivable control account after the monthly postings on July 31 The balance of the Accounts Receivable control account S
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sheridan Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings
had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $300,300; the Accounts
Payable control account had a credit balance of $83.600
The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts
payable were recorded in the general journal for July
Sales journal
Total sales
$169,300
$57,000
Purchases journal
Total purchases
Cash receipts journal
Accounts receivable column total
$141.000
Cash payments journal
Accounts payable column total
$46,700
(a)
What is the balance of the Accounts Receivable control account after the monthly postings on July 31
The balance of the Accounts Receivable control account. S
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