Accounting with several journals Icasas & Daughters uses sales, purchases, cash receipts, cash payments and a general journal (ignore GST). The following column totals were taken from the entity’s journals at the end of December.

The balance in the Accounts Receivable Control account on 1 December was $6 950 and the Accounts Payable Control account balance was $9 850.
Required

(a) At the end of December, the total amount from the sales journal should be posted to what account or accounts?

(b) At the end of December, the total amount from the purchases journal should be posted to what account or accounts?

(c) For each column total in the cash receipts and the cash payments journals, specify whether it would be posted to the general ledger as a debit or a credit, and to which account.

(d) After the amounts in the journals have been posted to the general ledger for December, what would be the balances in the Accounts Receivable Control and the Accounts Payable Control accounts?

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1. Sales journal 2. Purchases journal 3. Cash receipts journal: (a) Cash $17 390 9 270 14 370 (b) Accounts receivable 12 050 (c) Sales (d) Discounts allowed 4. Cash payments journal: (a) Cash (b) Accounts payable (c) Discounts received (d) Purchases 11 590 230 2310 2 430 110 13 670