A receivables ledger control account at 1 may had balance of $ 32,750 debit and $...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A receivables ledger control account at 1 may had balance of $ 32,750 debit and $ 1,275 credit. During May, sales of $125,000 were made on credit.Receipts from customers amounted to $122,500 and cash discounts of $550 were allowed. Refunds of $ 1,300 were made to customers. What should the closing balances at 31 may amounted to? A.$ 35,175 debit and $3,000 credit B. $ 36,675 debit and $2,500 credit C. $ 36,725 debit and $2,000 credit D. $ 36,725 debit and $1,000 credit Please show all the calculations! A receivables ledger control account at 1 may had balance of $ 32,750 debit and $ 1,275 credit. During May, sales of $125,000 were made on credit.Receipts from customers amounted to $122,500 and cash discounts of $550 were allowed. Refunds of $ 1,300 were made to customers. What should the closing balances at 31 may amounted to? A.$ 35,175 debit and $3,000 credit B. $ 36,675 debit and $2,500 credit C. $ 36,725 debit and $2,000 credit D. $ 36,725 debit and $1,000 credit Please show all the calculations!
Expert Answer:
Answer rating: 100% (QA)
ANS WER C 36 725 debit and 2 000 credit CALCULATION ... View the full answer
Related Book For
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
Posted Date:
Students also viewed these accounting questions
-
Jen and Berry's sells ice-creams from its factory-shop in Petone. There is a managing director (Maynard Dibble), a marketing manager (Mary Salman) and a production manager (Peter Pritchard). Maynard...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
ME-1" Ltd. acquired 80% equity shares of You-2nd Ltd. on 30/04/2020 for a cost of GHS60,000. At that time the general reserves were GHe6,000 respectively.
-
Annual demand for the notebook binders at Duncans Stationery Shop is 10,000 units. Dana Duncan operates her business 300 days per year and finds that deliveries from her supplier generally take 5...
-
An automotive parts company has been besieged with poor publicity over the past few years due to several highly publicized product recalls which have tarnished its public image. This has prompted a...
-
The board of directors of Changing Seasons Health Spa authorizes the issuance of \(\$ 600,000\) of \(7 \%, 10\)-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds...
-
1. Apply the steps in Exhibit 4.3, Ethical Conflicts and Compliance with the Rules of Conduct, and analyze whether the relationships described in this case create a conflict of interests and, if so,...
-
On Protection offers several private protective custody services for criminals who have run afoul of their former colleagues. One client, "John", is renewing this service and is evaluating three of...
-
Overview The milestone for Project One involves applying accounting principles and methods to long-term liabilities and equity. You will also evaluate these financial statement components for...
-
Go to the following links and Write a paper about: The Great Beyond by Steven Dietz https://calendar.queens.edu/event/great-beyond#.XIbmhSJKjIU https://www.youtube.com/watch?v=T0BP2WI9tIM...
-
Write a workforce planning summary recommending one approach to successfully address the labor shortage and to meet the CEO's request in 5 - 6 sentences.
-
Ricardo is preparing to deliver a concise summary of a proposal to senior management later in the week. What kind of type of business presentation called?
-
What is executive summary of new juice product in Australia?How to find target market on the basis of geography, demographics, psychology of new juice product in existing market of Australia.
-
Summary or briefer of Scheduling in Production and Operation Management.
-
Summary of CASE STUDY TRUST THE ALGORITHM OR YOUR GUT?
-
which performance appraisal problems are associated with supervisors being too personal instead of comparing the performance to a standard?
-
Discuss whether responsible human resources management should apply different standards for the home company and suppliers, for developed countries and developing countries, and for large companies...
-
Jamal's business makes use of a petty cacti book. On 1 February 2014 the balance of petty cash in hand was $14.55. The petty cash book operates with an imprest of $220 and with the following analysis...
-
The financial statements for Over and Out Ltd for the year ended 31 December 2014 were as follows. Additional information: Dividends paid during the year: $12,000 Retained earnings at 1 January...
-
What are the differences in the role of the bookkeeper and the accountant?
-
Repeat Example 5 .12 using the VLM. Does the VLM predict higher or lower aerodynamic loads than the SDPM? Data from Example 5.12 Use the SDPM to simulate the plunging flexible wing experiments...
-
Implement the bending and twisting deformation of the LANN wing in Example 6 .3. Does the agreement between the compressible SDPM predictions and the experimental measurements improve when including...
-
Repeat Example 5 .13 for all Mach numbers tested by Lessing et al. (1960) using the incompressible SDPM code of the same example. How bad do the incompressible predictions get at Mach numbers of 0 .7...
Study smarter with the SolutionInn App