figuring out balance from subsidy accounts

Anonymous
timer Asked: Feb 18th, 2016

Question description

Selected account balances for Hulse Company at January 1, 2014, are presented below.

Accounts Payable
$13,731

Accounts Receivable

21,941

Cash

16,142

Inventory

14,286


Hulse’s sales journal for January shows a total of $110,944 in the selling price column, and its one-column purchases journal for January shows a total of $77,048.

The column totals in Hulse’s cash receipts journal are: Cash Dr. $60,898; Sales Discounts Dr. $2,153; Accounts Receivable Cr. $45,459; Sales Revenue Cr. $6,722; and Other Accounts Cr. $10,870.

The column totals in Hulse's cash payments journal for January are: Cash Cr. $54,858; Inventory Cr. $1,779; Accounts Payable Dr. $46,350; and Other Accounts Dr. $10,287. Hulse’s total cost of goods sold for January is $63,217.

Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales Revenue are not involved in the “Other Accounts” column in either the cash receipts or cash payments journal, and are not involved in any general journal entries.

Compute the January 31 balance for Hulse in the following accounts.

(a)

Accounts Payable



(b)

Accounts Receivable



(c)

Cash 22182



(d)

Inventory



(e)

Sales Revenue



 

Question Attempts: 1 of 3 used  




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