What the total of the schedule of accounts receivable

Assignment Help Accounting Basics

Reference no: EM132476588

2019		2019
1/6	116 380	18/6	748
21/6	7 458	26/6	7 458
30/6	132 000	30/6	104 236

L. Jones G. Lyons
	Post				Post
Date	Ref	Debit	Credit	Balance Date	Ref	Debit	Credit	Balance
2019				2019
June 1				(748) June 1	CRJ6			7 436
8	SJ5	1 738		990 9	GJ7		7 436
18	GJ7		748	242 21	CP8	7 458		7 458
				26	GJ7		7 458

Accounts receivable and bills receivable

Cathy Smythe, who trades as Cathy's Corner, uses the following journals in her business: general, cash receipts, cash payments, sales and purchases. The control account for the accounts receivable in the general ledger at 1 June 2019 (with posting references omitted) is summarised above.

Set out below are the only two subsidiary ledger accounts for receivables affected by general journal entries during June.

Required

Question (a) State the posting references for the entries on 30 June in the Accounts Receivable Control account.

Question (b) How could the credit balance in the account of Jones have arisen?

Question (c) Determine what the total of the schedule of accounts receivable should be on 30 June.

Question (d) What transaction would have led to the debit in the account of Lyons on 22 June?

Question (e) Explain the transactions that would have led to the credit entries in the Accounts Receivable Control account on 9, 18 and 26 June.

Reference no: EM132476588

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