Stella owns a retail shop called Stella’s General Dealers. She sells goods mostly for cash and two of her cash customers are Galaxy Stores and Milkway Dealers. She also sells goods on credit to Apollo Stores. Stella’s General Dealers also purchases goods for cash and on credit from only one supplier called Concorde Stores.Match the colums: Column AQ.1.2.1 Creditors/Accounts payable controlQ.1.2.2 CreditorQ.1.2.3 Debtors ListQ.1.2.4 DebtorQ.1.2.5 Debtors/Accounts receivable controlColumn BA. Concorde StoresB. Apollo StoresC.General ledgeraccount that providesus with an exactamount of how muchis being owed to usfrom credit salesD. General ledgeraccount that providesus with an exactamount of how muchwe owe from creditpurchasesE. The list that is totalledand compared withthe balance of theF.G.H.debtor's controlaccount at the end ofeach monthGalaxy StoresMilkyway DealersSubsidiary ledger thatdetails the outstandingamount that acompany or anorganization owes(payable to) itsvendors or suppliers,complete with all thebalance and accountinformation.

Accounts receivable:Accounts receivable indicates the amounts which company has not received from…

Answered: Stella owns a retail shop called…

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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Stella owns a retail shop called Stella’s General Dealers. She sells goods mostly for cash and two of her cash customers are Galaxy Stores and Milkway Dealers. She also sells goods on credit to Apollo Stores. Stella’s General Dealers also purchases goods for cash and on credit from only one supplier called Concorde Stores.

Match the colums:

Column A
Q.1.2.1 Creditors/Accounts payable control
Q.1.2.2 Creditor
Q.1.2.3 Debtors List
Q.1.2.4 Debtor
Q.1.2.5 Debtors/Accounts receivable control
Column B
A. Concorde Stores
B. Apollo Stores
C.
General ledger
account that provides
us with an exact
amount of how much
is being owed to us
from credit sales
D. General ledger
account that provides
us with an exact
amount of how much
we owe from credit
purchases
E. The list that is totalled
and compared with
the balance of the
F.
G.
H.
debtor's control
account at the end of
each month
Galaxy Stores
Milkyway Dealers
Subsidiary ledger that
details the outstanding
amount that a
company or an
organization owes
(payable to) its
vendors or suppliers,
complete with all the
balance and account
information.

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