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Donahue 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 $320,000; the Accounts Payable control account had a credit balance of $77,000. 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- $161,400 Purchases Journal Total purchases- $56,400 Cash Receipts Journal Accounts receivable column total- $131,000 Cash Payments Journal Accounts payable column total- $47,500 Instructions What is the balance of the Accounts Receivable control account after the monthly postings on July 31? $ What is the balance of the Accounts Payable control account after the monthly postings on July 31? $ To what account(s) is the column total of $161,400 in the sales journal posted? To what account(s) is the accounts receivable column total of $131,000 in the cash receipts journal posted?
e8-2 inventoriable costs in your audit of jose oliva company you find that a physical inventory ondecember 31 2014
Explain generally accepted accounting principles applied to the health care industry and how they are applied to your Operating Budget Projection.
Rockwell Corporation had a net income of $150,000 for the year ending 2009. The company decided to payout 40% of earnings per share as a dividend. Rockwell has 120,000 shares issued and outstanding. What are the retained earnings for the 2009?
Explain how "rules-based" accounting standards differ from "principles-based" standards. How might fundamentally changing accounting standards from bright-line rules to principle-based standards help prevent another Enron-like fiasco in the future..
Discuss the advantages and disadvantages of each alternative. What do you think Debbie should do?
in 2011 space technology company modified its model z2 satellite to incorporate a new communication device. the company
The PDQ Partnership earned ordinary income of $150,000 in 2012. The partnership has three equal partners, Pete, Donald, and Quint. Quint who is single, uses the standard deduction, and has other income of $15,000 (not connected with the partnershi..
Forecast the demand for the week of October12 using a 3-week moving average. Compute the forecast for the week of October12 using exponential smoothing with a forecast for August 31 of 360
A business is purchased for 250,000. The fair market value of assets are equipment 90,000, building 135,000, and goodwill 15,000. What is the cost basis for each asset?
What the bookkeeper did was definitely unethical. But what if one of her grandchildren had been ill and needed an expensive operation? If this had been the case, would it have been ethical for her to take company funds to pay for the operation if ..
The following information comes from the accounting records for Santa Cruz, Inc., for March: Compute Total prime costs for the month of March.
Assume the following adjustment data. 1. Advertising supplies on hand at 31 October total $1 000. 2. Expired insurance for the month is $100. 3. Depreciation for the month is $50.
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