Nex Company uses both special journals and a general journal. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $307,700; the Accounts Payable control account had a credit balance of $87,300.
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 $66,400
Cash receipts journal Accounts receivable column total $131,000
Cash payments journal Accounts payable column total $47,500
(a) What is the balance of the Accounts Receivable control account after the monthly postings on July 31?
(b) What is the balance of the Accounts Payable control account after the monthly postings on July 31?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Nex Company uses both special journals and a general journal. On June 30, after all monthly postings had been completed, the Accounts ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Houff Company uses the allowance method to account for uncollectible accounts. An account that had been previously written-off as uncollectible was recovered. How would the recovery affect the company's accounting equation?
Answers (1)
Suppose you had $1000 to invest on September 30, 2016 and you had the option of choosing either AAPL or RRD or a combination of the two (example: 5% in AAPL and 95% in RRD; or 80% in AAPL and 20% in RRD; i. e.
Answers (1)
A company purchased a piece of equipment for $30,000 and must draft the statement of cash flows. Click on the cash flow statement section in which the cash payment for equipment would be reported?
Answers (1)
True Blue Corporation provided the data set forth above from its activity-based costing system. The company makes 430 units of product D28K a year, requiring a total of 690 machine-hours, 40 orders, and 10 inspection-hours per year.
Answers (2)
44. The most important type of coverage is a. Uninsured motorist b. Medical payments c. Collision d. Liability insurance
Answers (1)
New Questions in Business
When the economy is in a recession, the government can use expansionary fiscal policy to stimulate and encourage economic growth.
Answers (1)
Luker Corporation uses a process costing system. The company had $171,500 of beginning Finished Goods Inventory on October 1. It transferred in $848,000 of units completed during the period.
Answers (1)
Which would you use to determine how much money you have left over to save each month
Answers (1)
Ivory Fast Delivery Company, an accrual basis taxpayer, frequently has claims for damages to property the company delivered. Often the claim is not filed until a month after the delivery.
Answers (1)
What group is responsible for stepping in to prevent a bank run? banking regulators like the Fed the bank's depositors the bank's owners the state government where the bank is located
Answers (1)