Cassandra Casey operates the Futuristic Antique Store. She maintains subsidiary ledgers for accounts payable and accounts...
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Cassandra Casey operates the Futuristic Antique Store. She maintains subsidiary ledgers for accounts payable and accounts receivable. She presents you with the following information for October 2019: As at 1 October 2019 the accounts receivable balances in the subsidiary ledgers were: R. Ryan $2200 G. McKay 8500 W. Mitchell 650 The total of these accounts agreed with the balance in the control account. The following journals have been completed for the month of October: SALES JOURNAL SALES RETURNS JOURNAL October 3 G. McKay October 7 R. Ryan October 2 W. Mitchell 10 G. McKay 11 Cash sales General Journal Date Details Oct 31 300 200 CASH RECEIPTS JOURNAL Discount $10 Rakkuda ambal October 10 R. Ryan $40 Sales $800 Accounts Receivable $100 $4500 Debit Additional Information (October 31) • It has been determined that W. Mitchell will be unable to pay his debt. It is to be written off as a bad debt. a) Show the journal entry to record the transaction listed under "Additional Information". 100 Credit Bank $100 $4500 $800 b) Complete and balance the Debtors Control Account as at 31 October 2019 Debtors Control Account Date Oct 1 31 Details Balance Total Nov 1 Balance c) Prepare an Accounts Receivable Schedule: R. Ryan G. McKay W. Mitchell Balance b/d Date Oct 31 31 Details Bank Balance d) One of the purposes of the Debtors' ageing analyses is to: c/d 100 Cassandra Casey operates the Futuristic Antique Store. She maintains subsidiary ledgers for accounts payable and accounts receivable. She presents you with the following information for October 2019: As at 1 October 2019 the accounts receivable balances in the subsidiary ledgers were: R. Ryan $2200 G. McKay 8500 W. Mitchell 650 The total of these accounts agreed with the balance in the control account. The following journals have been completed for the month of October: SALES JOURNAL SALES RETURNS JOURNAL October 3 G. McKay October 7 R. Ryan October 2 W. Mitchell 10 G. McKay 11 Cash sales General Journal Date Details Oct 31 300 200 CASH RECEIPTS JOURNAL Discount $10 Rakkuda ambal October 10 R. Ryan $40 Sales $800 Accounts Receivable $100 $4500 Debit Additional Information (October 31) • It has been determined that W. Mitchell will be unable to pay his debt. It is to be written off as a bad debt. a) Show the journal entry to record the transaction listed under "Additional Information". 100 Credit Bank $100 $4500 $800 b) Complete and balance the Debtors Control Account as at 31 October 2019 Debtors Control Account Date Oct 1 31 Details Balance Total Nov 1 Balance c) Prepare an Accounts Receivable Schedule: R. Ryan G. McKay W. Mitchell Balance b/d Date Oct 31 31 Details Bank Balance d) One of the purposes of the Debtors' ageing analyses is to: c/d 100
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a Date Oct 31 b Date General Journal Details c Bad Debt Expense Debtors Control Oct1 ... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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