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which of the following statements is true? a. The balance in the control account, Accounts Receivable, should be eq...
On September 1, the balance of the Accounts Receivable control account in the general ledger of...
On September 1, the balance of the Accounts Receivable control
account in the general ledger of Carla Vista Company was $11,030.
The customers’ subsidiary ledger contained account balances as
follows: Hurley $1,500, Andino $2,720, Fowler $1,960, and Sogard
$4,850. At the end of September, the various journals contained the
following information.
Sales journal:
Sales to Sogard $730, to Hurley $1,180, to Giambi $1,220, and
to Fowler $1,220.
Cash receipts journal:
Cash received from Fowler $1,270, from Sogard $2,370, from
Giambi...
On September 1, the balance of the Accounts Receivable control account in the general ledger of...
On September 1, the balance of the Accounts Receivable control account in the general ledger of Montgomery Company was $10,520. The customers’ subsidiary ledger contained account balances as follows: Hurley $1,450, Andino $2,290, Fowler $2,080, and Sogard $4,700. At the end of September, the various journals contained the following information. Sales journal: Sales to Sogard $750, to Hurley $1,100, to Giambi $1,360, and to Fowler $1,120. Cash receipts journal: Cash received from Fowler $1,370, from Sogard $2,130, from Giambi $330,...
Martinez Company shows a balance of $208,580 in the Accounts Receivable account on December 31, 2020....
Martinez Company shows a balance of $208,580 in the Accounts Receivable account on December 31, 2020. The balance consists of the following. Installment accounts due in 2021 $28,600 Installment accounts due after 2021 42,400 Overpayments to vendors 2,890 Due from regular customers, of which $40,600 represents accounts pledged as security for a bank loan 89,500 Advances to employees 1,890 Advance to subsidiary company (due in 2021) 83,900 Illustrate how the information above should be shown on the balance sheet of...
question 4 Able Fastners Co. has a balance in its Accounts Receivable general ledger control account of S 10,000 on January 1, 2019. The subsidiary ledger contains three vendor nts: Jones Company, bal...
question 4
Able Fastners Co. has a balance in its Accounts Receivable general ledger control account of S 10,000 on January 1, 2019. The subsidiary ledger contains three vendor nts: Jones Company, balance of s 3,000; Keller Company, balance of $ 1,000, arson Company. The combined subsidiary ledger account balances of Jones 4 Com om,Keller Company, and Larson Company at January 1, 2019 agree to the Accounts unts receivable general ledger control account balance at such date. During January 2019,...
2) The balance in Accounts Receivable, the control account, must always equal the total of all...
2) The balance in Accounts Receivable, the control account, must always equal the total of all accounts in the accounts receivable subsidiary ledger. 3) The maturity date of a note refers to the date the note must be repaid. 4) The accounts receivable turnover indicates how often accounts receivable are received and collected during the period. 5) Plant assets refer to nonphysical assets that are used in the operations of a business. 6) Plant assets are used in operations and...
QUESTION 9 The accounts receivable subsidiary ledger is not effected by the write-off of individual accounts....
QUESTION 9 The accounts receivable subsidiary ledger is not effected by the write-off of individual accounts. is only kept by companies that use the allowance method of estimating bad debts. is kept for both the "Accounts Receivable" and the "Allowance for Uncollectible Accounts" accounts. provides the supporting detail (i.e., individual customer names and amounts owed) for the general ledger account "Accounts Receivable." All of the above are true statements.
QUESTION 9 The accounts receivable subsidiary ledger is not effected by the write-off of individual accounts....
QUESTION 9 The accounts receivable subsidiary ledger is not effected by the write-off of individual accounts. is only kept by companies that use the allowance method of estimating bad debts. is kept for both the "Accounts Receivable" and the "Allowance for Uncollectible Accounts" accounts. provides the supporting detail (i.e., individual customer names and amounts owed) for the general ledger account "Accounts Receivable." All of the above are true statements. 1 points
Prepare a schedule of accounts receivable and prove the agreement of the controlling account with the subsidiary ledger at September 30, 2020.On September 1, the balance of the Accounts Receivable con...
Prepare a schedule of accounts receivable and prove the agreement of the controlling account with the subsidiary ledger at September 30, 2020.On September 1, the balance of the Accounts Receivable control account in the general ledger of Pharoah Company was $10,860. The customers’ subsidiary ledger contained account balances as follows: Hurley $1,420, Andino $2,530, Fowler $1,930, and Sogard $4,980. At the end of September, the various journals contained the following information. Sales journal: Sales to Sogard $710, to Hurley $1,200,...
Cullumber Company has a balance in its Accounts Payable control account of $8,690 on January 1,...
Cullumber Company has a balance in its Accounts Payable control account of $8,690 on January 1, 2020. The subsidiary ledger contains three accounts: Hale Company, balance $2,870; Janish Company, balance $1,840; and Valdez Company. During January, the following payable-related transactions occurred. Hale Company Janish Company Valdez Company Purchases $7,230 5,280 6,745 Payments $5,670 1,840 6,160 Returns $0 2.870 0 (a) Your answer is incorrect. What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez...
True/False 1. ____ Companies use two separate accounts in order to report accounts receivable at its...
True/False 1. ____ Companies use two separate accounts in order to report accounts receivable at its net realizable value. 2. ____ Bad debt expense is reported on the balance sheet as a contra account to accounts receivable. 3. ____ The matching principle says that expenses should be recorded the same period as the revenues they help generate. 4. ____ Once an account has been written off, it can never be reinstated on the books, even if it is later collected....
On September 1, the balance of the Accounts Receivable control
account in the general ledger of Carla Vista Company was $11,030.
The customers’ subsidiary ledger contained account balances as
follows: Hurley $1,500, Andino $2,720, Fowler $1,960, and Sogard
$4,850. At the end of September, the various journals contained the
following information.
Sales journal:
Sales to Sogard $730, to Hurley $1,180, to Giambi $1,220, and
to Fowler $1,220.
Cash receipts journal:
Cash received from Fowler $1,270, from Sogard $2,370, from
Giambi...
question 4
Able Fastners Co. has a balance in its Accounts Receivable general ledger control account of S 10,000 on January 1, 2019. The subsidiary ledger contains three vendor nts: Jones Company, balance of s 3,000; Keller Company, balance of $ 1,000, arson Company. The combined subsidiary ledger account balances of Jones 4 Com om,Keller Company, and Larson Company at January 1, 2019 agree to the Accounts unts receivable general ledger control account balance at such date. During January 2019,...
2) The balance in Accounts Receivable, the control account, must always equal the total of all accounts in the accounts receivable subsidiary ledger. 3) The maturity date of a note refers to the date the note must be repaid. 4) The accounts receivable turnover indicates how often accounts receivable are received and collected during the period. 5) Plant assets refer to nonphysical assets that are used in the operations of a business. 6) Plant assets are used in operations and...
Cullumber Company has a balance in its Accounts Payable control account of $8,690 on January 1, 2020. The subsidiary ledger contains three accounts: Hale Company, balance $2,870; Janish Company, balance $1,840; and Valdez Company. During January, the following payable-related transactions occurred. Hale Company Janish Company Valdez Company Purchases $7,230 5,280 6,745 Payments $5,670 1,840 6,160 Returns $0 2.870 0 (a) Your answer is incorrect. What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez...
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