Sven Co. uses both special journals and a general journal. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $137,800, and the Accounts Payable control account had a credit balance of $144,200.
The July transactions recorded in the special journals are summarized below. Sven Co. maintains a perpetual inventory system. No entries that affected accounts receivable and accounts payable were recorded in the general journal for July.
Sales journal: total sales, $98,670; cost of goods sold, $56,440
Purchases journal: total purchases, $39,700
Cash receipts journal: accounts receivable column total, $79,680
Cash payments journal: accounts payable column total, $42,300
Instructions
(a) What is the balance of the Accounts Receivable control account after the monthly postings on July 31?
(b) What is the balance of the Accounts Payable control account after the monthly postings on July 31?
(c) To what accounts are the column totals for total sales of $98,670 and cost of goods sold of $56,440 in the sales journal posted?
(d) To what account(s) is the accounts receivable column total of $79,680 in the cash receipts journal posted?