On june 30 after all monthly postings had been completed

Assignment Help Accounting Basics
Reference no: EM13567673

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?

Reference no: EM13567673

Questions Cloud

Aber company manufactures one product on december 31 2011 : the following information is available from jansens inventory records for product xnbspnbspnbspnbspnbsp unitsunit
Philosophical perspective this is an argument essay should : philosophical perspective this is an argument essay should be around 5 pages long. conclusion must be taken first and
Cash received from bannister 1310 from crampton 2300 from : on september 1 the balance of the accounts receivable control account in the general ledger of seaver company was
From the following calculate the current ratio from the : a. from the following calculate the current rationbsprscash-in-hand250000sundry debtors150000stock-in-trade200000sundry
On june 30 after all monthly postings had been completed : donahue company uses both special journals and a general journal as described in this chapter. on june 30 after all
Samson corporation is in the process of setting a selling : samson corporation is in the process of setting a selling price for a new product it has just designed. the following
Rank the following according to the degree of credit risk : 1 rank the following according to the degree of credit risk highest credit risk 1 lowest credit risk 4i advances
Presented below is information related to kienholz company : presented below is information related to kienholz company for its first month of operations. credit sales cash
Moss manufacturing has just completed a major change in its : moss manufacturing has just completed a major change in its quality control process. previously products had been

Reviews

Write a Review

Accounting Basics Questions & Answers

  Based on the above information calculate the amount that

e8-2 inventoriable costs in your audit of jose oliva company you find that a physical inventory ondecember 31 2014

  Generally accepted accounting principles-operating budget

Explain generally accepted accounting principles applied to the health care industry and how they are applied to your Operating Budget Projection.

  What are the retained earnings

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?

  Rules-based accounting standards

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..

  What do you think debbie should do

Discuss the advantages and disadvantages of each alternative. What do you think Debbie should do?

  During your year-end review of the accounts related to

in 2011 space technology company modified its model z2 satellite to incorporate a new communication device. the company

  What are the total tax consequences for quint in 2012

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..

  Compute forecast for the week using exponential smoothing

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

  What is the cost basis for each asset

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 controls must have been lacking at white electric

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 ..

  Compute total prime costs for the month of march

The following information comes from the accounting records for Santa Cruz, Inc., for March: Compute Total prime costs for the month of March.

  Prepare the adjusting entries for the items

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.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd