J. Nordin Avionics began business on January 1, 2019. The business was started with $10,000 in...

 

Transcribed Image Text:

J. Nordin Avionics began business on January 1, 2019. The business was started with $10,000 in the cash account and $30,000 of inventory in stock. Nordin uses a sales journal to record credit sales and a cash receipts journal to record all cash receipts, including both cash sales and cash collections of credit sales. At the end of January, the two journals appeared as follows: Sales Journal Accts Rec Post DR/ COGS DR/ Date Invoice# Jan 4 Ref. Sales Rev CR Inventory CR $5,000 1,240 3,200 900 5,100 $15,440 Customer Reed, A. Charles, B. Reed, A. Williams, D. Charles, B. 1000 $4,100 1001 66 2,800 820 4,600 $13,310 13 1002 20 1003 22 1004 Total Cash Receipts Journal Accts. Sales Revenue COGS DR/ Invoice # Customer Inventory CR $2,700 Cash Rec. Date Debit Credit Credit $3,300 5,000 9,000 Jan 5 $3,300 10 $5,000 1000 Reed, A. 14 9,000 8,000 Charles, B. 1,240 $18,540 1,240 $6,240 18 1001 $12,300 $10,700 -Refer to Table 7-8 at the end of January, what was the balance in accounts receivable? A)$9.200 B)S14,200 C)S7,960 D)S8.000 J. Nordin Avionics began business on January 1, 2019. The business was started with $10,000 in the cash account and $30,000 of inventory in stock. Nordin uses a sales journal to record credit sales and a cash receipts journal to record all cash receipts, including both cash sales and cash collections of credit sales. At the end of January, the two journals appeared as follows: Sales Journal Accts Rec Post DR/ COGS DR/ Date Invoice# Jan 4 Ref. Sales Rev CR Inventory CR $5,000 1,240 3,200 900 5,100 $15,440 Customer Reed, A. Charles, B. Reed, A. Williams, D. Charles, B. 1000 $4,100 1001 66 2,800 820 4,600 $13,310 13 1002 20 1003 22 1004 Total Cash Receipts Journal Accts. Sales Revenue COGS DR/ Invoice # Customer Inventory CR $2,700 Cash Rec. Date Debit Credit Credit $3,300 5,000 9,000 Jan 5 $3,300 10 $5,000 1000 Reed, A. 14 9,000 8,000 Charles, B. 1,240 $18,540 1,240 $6,240 18 1001 $12,300 $10,700 -Refer to Table 7-8 at the end of January, what was the balance in accounts receivable? A)$9.200 B)S14,200 C)S7,960 D)S8.000