Feng Decorators Company has a balance in its Accounts Receivable control account of 10,000 on January 1,
Question:
Feng Decorators Company has a balance in its Accounts Receivable control account of ¥10,000 on January 1, 2020 (amounts in thousands). The subsidiary ledger contains three accounts: Long Company, balance ¥4,000; Chu Company, balance ¥2,500; and Fan Company. During January, the following receivable-related transactions occurred.
Instructions
a. What is the January 1 balance in the Fan Company subsidiary account?
b. What is the January 31 balance in the control account?
c. Compute the balances in the subsidiary accounts at the end of the month.
d. Which January transaction would not be recorded in a special journal?
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Related Book For 
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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