Sheridan Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $300,300; the Accounts Payable control account had a credit balance of $83,600. The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales journal Total sales $169,300 Purchases journal Total purchases $57,000 Cash receipts journal Accounts receivable column total $141,600 Cash payments journal Accounts payable column total $46,700 What is the balance of the Accounts Receivable control account after the monthly postings on July 31? The balance of the Accounts Receivable control accoun
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Sheridan Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $300,300; the Accounts Payable control account had a credit balance of $83,600.
The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July.
| Sales journal | Total sales | $169,300 | ||
| Purchases journal | Total purchases | $57,000 | ||
| Cash receipts journal | Accounts receivable column total | $141,600 | ||
| Cash payments journal | Accounts payable column total | $46,700 |
What is the balance of the Accounts Receivable control account after the monthly postings on July 31?
| The balance of the Accounts Receivable control accoun |
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