Asked by Cassandra Myers on May 18, 2024
Verified
On September 30 after all monthly postings had been completed the Accounts Receivable control account in the general ledger had a debit balance of $245000; the Accounts Payable control account had a credit balance of $109000.
The October transactions recorded in the special journals are presented below. Instructions
Compute the balances of the (1) Accounts Receivable and (2) Accounts Payable control accounts after the monthly postings on October 31.
Control Accounts
Summary accounts in the general ledger that consolidate the details recorded in subsidiary ledgers.
General Ledger
A complete record of all financial transactions over the life of a company.
- Assess and reconcile anomalies between control accounts and subsidiary ledgers.
- Appreciate the impact of specific transactions on financial statements and ledger balances.
Verified Answer
HN
Harish NaiduMay 23, 2024
Final Answer :
(1) Accounts Receivable balance = $300000 ($245000 + $183000 - $128000)
(2) Accounts Payable balance = $135000 ($109000 + $75000 - $49000)
(2) Accounts Payable balance = $135000 ($109000 + $75000 - $49000)
Learning Objectives
- Assess and reconcile anomalies between control accounts and subsidiary ledgers.
- Appreciate the impact of specific transactions on financial statements and ledger balances.
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