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
José spends most of his time thinking about Sheila, the love of his life. This had led to José neglecting his course work. From a Freudian perspective José's neglect of his school work most likely is due to A. his very strong libido. B.
Answers (1)
Resale price maintenance occurs when: a. the manufacturer suggested retail price. b. minimum prices are enforced. c. consignment arrangements control prices. d. all of the above
Answers (1)
When representing the seller, which duties does a real estate licensee owe to an unrepresented buyer? Honest dealing and disclosure. Accurate accounting for money received from the buyer on behalf of the seller. Reasonable care and diligence.
Answers (1)
In which part of an email should you be brief
Answers (1)
We would expect the quantity of corn supplied to rise if:
Answers (1)
New Questions in Business
Evaluate the current China/Taiwan logistics costs. Assume a current total volume of 190,000 CBM and that 89 percent is shipped direct from the supplier plants in containers.
Answers (1)
Given the pork supply function Q = 178 + 40p - 60p_h. how does the supply function, Q = 88 + 40p. change if the price of hogs increases from $1.50 to $1.90 per kg? If the price of hogs increases to $1.90 per kg, then the supply function will be Q =
Answers (1)
An example of inflation is, if the amount of money in a country doubled, but the production of goods and services stayed the same, the price of all goods and services would decline by about half, assuming that other factors, such as external trade,
Answers (1)
Consider the following statements, based on a positive economic analysis that assumes that all other things remain constant. For each, list one other thing that might change and thus offset the outcome stated. a.
Answers (1)
Tammy and Barry formed Pheasant Corporation several years ago in a ζritical Thinking transaction that quali自ed under§ 351. Both shareholders serve as officers and on the board of directors of Pheasant.
Answers (1)