Ace Wholesalers' have control accounts in the general ledger and subsidiary ledgers for their individual debtors'...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ace Wholesalers' have control accounts in the general ledger and subsidiary ledgers for their individual debtors' and creditors' accounts. The balance in the control account is reconciled with the total of the relevant subsidiary ledgers on a monthly basis. The following information was extracted from the financial records of Ace Wholesalers for the month of March 2021: Details R Totals at 1 March 2021: List of debtors - debit balances 63 820 List of debtors - credit balances 1 450 REGENT BUSINESS SCHOOL (RBS) - JANUARY 2021 27 BACHELOR OF COMMERCE IN SUPPLY CHAIN MANAGEMENT YEAR 1 ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE List of creditors - credit balances 48 900 Transactions for the month ended 31 March 2021: Goods sold to customers for cash 463 700 Goods sold to customers on credit 229 640 Cash received from debtors 218 270 Goods bought from suppliers for cash 172 420 Goods bought from suppliers on credit 152 300 Cash paid to creditors 128 500 Credit notes granted to debtors for goods returned by them 24 770 Credit notes received from suppliers for goods returned to them 27 040 Interest charged on overdue debtors' accounts 2 630 31 March 2021: Total of credit balances in the Debtors' subsidiary ledger 890 Required: Prepare the following for Ace Wholesalers for the month ended 31 March 2021: 5.1 Debtors' control account (8) 5.2 Creditors' control account (5) Ace Wholesalers' have control accounts in the general ledger and subsidiary ledgers for their individual debtors' and creditors' accounts. The balance in the control account is reconciled with the total of the relevant subsidiary ledgers on a monthly basis. The following information was extracted from the financial records of Ace Wholesalers for the month of March 2021: Details R Totals at 1 March 2021: List of debtors - debit balances 63 820 List of debtors - credit balances 1 450 REGENT BUSINESS SCHOOL (RBS) - JANUARY 2021 27 BACHELOR OF COMMERCE IN SUPPLY CHAIN MANAGEMENT YEAR 1 ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE List of creditors - credit balances 48 900 Transactions for the month ended 31 March 2021: Goods sold to customers for cash 463 700 Goods sold to customers on credit 229 640 Cash received from debtors 218 270 Goods bought from suppliers for cash 172 420 Goods bought from suppliers on credit 152 300 Cash paid to creditors 128 500 Credit notes granted to debtors for goods returned by them 24 770 Credit notes received from suppliers for goods returned to them 27 040 Interest charged on overdue debtors' accounts 2 630 31 March 2021: Total of credit balances in the Debtors' subsidiary ledger 890 Required: Prepare the following for Ace Wholesalers for the month ended 31 March 2021: 5.1 Debtors' control account (8) 5.2 Creditors' control account (5)
Expert Answer:
Related Book For
Entrepreneurship Successfully Launching New Ventures
ISBN: 978-0133797190
5th edition
Authors: Bruce R. Barringer, R. Duane Ireland
Posted Date:
Students also viewed these accounting questions
-
The following information was extracted from the financial records of Maverick Corporation: Preferred stock: 15,000 shares outstanding, 10 percent, $50 par value Common stock: 50,000 shares...
-
The following information was extracted from the financial records of Leong Cosmetics: a. What is the effective interest rate on the notes payable? b. Prepare the journal entry to record interest...
-
At December 31, 2014, the general ledger and subsidiary ledger for Wow's, a small beauty supply company, showed the following: Jan. 3 Hair Designs paid $8,000 on its account. 4 New Do paid $900 on...
-
Quiz# 5 (Q) The following are estimates for four risk assets (A,B,C,D). The portfolio P is an equal weighted portfolio of the four risk assets. Stock A Stock B Stock C Stock D Portfolio P weight 0.25...
-
The village of Oak Lawn wishes to conduct a study regarding the income level of households within the village. The village manager selects 10 homes in the southwest corner of the village and sends an...
-
Assume the same facts as in Problem C:2-51 except that Lois gave the Water stock to her daughter, Sue, six months after she received it. The stock had a $120,000 FMV when Lois acquired it and when...
-
Total Networks, Inc., reported gross accounts receivable of \($1.2\) billion in 2008 and an allowance for doubtful accounts of \($300\) million. In 2009, the companys gross accounts receivable...
-
Mims Corporation recently announced a bonus plan to reward the manager of its most profitable division. The three divisional managers are to decide which performance measure will be used to evaluate...
-
What results from beat reporting? O A. Media companies save money by pooling resources. B. Politicians receive more favorable coverage than they would otherwise. O C. Reporters become specialists in...
-
You are working on a free-form Packet Tracer challenge activity as seen in Figure 1, you have been given the London Railways network.' The purpose of this EMA question is to build upon each of the...
-
On December 31, 2019, Lucas Corporation leased a building from Fort Company for a seven-year period expiring December 31, 2026. Equal annual payments of P2,000,000 are due on December 31 of each...
-
Hot tea (water) of mass 0.25 kg and temperature 73 C is contained in a glass of mass 200 g that is initially at the same temperature. You cool the tea by dropping in ice cubes out of the freezer that...
-
10) An ice cube of mass 0.033 kg and temperature -9 C is heated until it is now fully melted and at a temperature of 11C now. What percentage of the total energy was used to melt the ice? (Assume...
-
Discuss three social and legal concerns for the internet and e-business. Be specific and provide examples
-
Two students push on a crate to slide it across the floor. One student exerts a force of 7 N to the east, and the other student exerts a force of 4 N to the south. What is the magnitude of the net...
-
Your team attends a trade conference on the subject of globalization. They have attended several seminars both advocating and dismissing implementing a global strategy. You return to the office and...
-
stion 1 This question: 1 point(s) possible ubmit te The reduced row echelon form of a system of linear equations is given. Write the system of equations corresponding to the given matrix. Use x, y,...
-
Swifty company is a publicly held corporation whose $1 par value stock is actively traded at $30 per share. The company issued 3400 shares of stock to acquire land recently advertised at $93000. When...
-
What is the purpose of writing a blog and establishing a presence on Facebook and Twitter?
-
What are the personal attributes that affect a founders chances of launching a successful new firm?
-
How do you know what to do with a mentors advice? If you get advice from several mentors or counselors at organizations such as SCORE and local Small Business Development Centers, how can you best...
-
An example of a proportional tax would be a. a state sales tax. b. a local property tax. c. a flat rate income tax. d. the current U.S. income tax.
-
What is rational ignorance?
-
The ability-to-pay principle states: a. Those with the greatest ability to pay taxes should pay more. b. Those with the least ability to pay taxes should pay more. c. Individuals receiving the...
Study smarter with the SolutionInn App