User Account

All Pages

Set up control and subsidiary accounts

Assignment Help Accounting Basics
Reference no: EM132608582

Question - On 1 September the balance of the accounts receivable control account in the general ledger of Whelan Company was $11 960. The customers' subsidiary ledger contained account balances as follows: Jana $2 440, Kingston $2 640, Johnson $2 060, Phillips $4 820. At the end of September the various journals contained the following information.

Sales journal: Sales to Phillips $800; to Jana $1 260; to Simons $1 030; to Johnson $1 100.

Cash receipts journal: Cash received from Johnson $1 310; from Phillips $2 300; from Simons $380; from Kingston $1 800; from Jana $1 240.

General journal: An allowance is granted to Phillips $220.

Instructions -

(a) Set up control and subsidiary accounts and enter the beginning balances.

(b) Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.).

Reference no: EM132608582

Questions Cloud

What is reaction to harriet suggestion : What is your reaction to Harriet's suggestion of using the cost of debt only? Is it a good idea or a bad idea? Why? Do you think capital projects should have
Leveraged cloud computing technologies : Select an organization that has leveraged Cloud Computing technologies in an attempt to improve profitability or to give them a competitive advantage
What is the calculated value of the global heat transfer : Build a process flowsheet to represent the simplified refrigerated gas plant described above by adding the appropriate unit operation models
How sports influences or affects society : How sports influences or affects society/culture. As with every assignment in this class, critical thinking is always a part of the work.
Set up control and subsidiary accounts : Sales journal: Sales to Phillips $800; to Jana $1 260; to Simons $1 030; to Johnson $1 100. Set up control and subsidiary accounts and enter beginning balances
Discuss and contrast the views of management and accountants : Discuss and Contrast the views of management and accountants regarding the changes required by the Sarbanes-Oxley Act on internal controls
About your selected security type : Explain the following about your selected security type. A short summary about what you found to be the usage of the security type in business
Re-organize the income statement in variable costing format : Find sales volume at breakeven and prepare income statement at breakeven. Re-organize the income statement in variable costing format
How much do the partnership net assets increase : Steve Renn decides to invest $25,000 in a partnership for a one-sixth capital interest. How much do the partnership's net assets increase

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss the reasons for your choice of business type and

task name phase 2 discussion boarddeliverable length 500 words plus chart of accountsdetails primary task response

  What is the average annual saving to the stardust casino

What is the average annual saving to the Stardust Casino, over the fifteen year life of the retrofitted fixtures, of switching to CFL bulbs?

  Portfolio weighted average of returns of assets

You own a portfolio that has $2,100 invested in Stock A and $3,050 invested in Stock B. If the expected returns on these stocks are 10 percent and 14 percent, respectively, what is the expected return on the portfolio? (Do not round your intermedi..

  Determine the present value of annuity

Determine the amount of each deposit if the fund earns an 8% effective rate - Determine the price of the car at which the buyer is indifferent between the two offers.

  How much will we make each year

There are 900 million shirts sold in China each year. If we get a 1% market share and profit $1.00 per shirt how much will we make each year

  Determine the best alternative for Harding

Pay $1,120,000 in cash immediately. Determine the best alternative for Harding, assuming that Harding can borrow funds at a 7% interest rate

  Compute the net cash provided by operating activities

Decrease in interest payable $1,000. Gain on the retireent of bonds $32,300. The net cash provided (used) by operating activities is _____

  How much money must be deposite at the end of each year

How much money must be deposited at the end of each year if the objective is to accumulate $250,000 after 10 years? $ ? How much is earned?

  What is the amount of expense related to pension costs

What is the amount of expense related to pension costs recognized by each company in its income statement for the year ended December 31, 2011

  Balance sheet related to cash flow statement

What sections of a balance sheet are related to each of the sections of a cash flow statement?

  Explain how these cultural assets are measured

Explain how these cultural assets are measured and depreciated

  Discuss consideration for formulating long term plans

You are Chief Operating Officer(COO) of an international bicycle manufacturer.The relationship between the organization and externals.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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