FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Fringe Benefit Tax
Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the…
Question
Please answer the (d) question
E7-4 Kieschnick Company has a balance in its Accounts Receivable control account of $10,000 on January 1, 2017. The subsidiary ledger contains three accounts: Bixler Com pany, balance $4,000; Cuddyer Company, balance $2,500; and Freeze Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Bixler Company Cuddyer Company Freeze Company $9,000 7,000 8,500 $8,000 2,500 9,000 $-0- 3,000 -0- Instructions (a) What is the January 1 balance in the Freeze Company subsidiary account? (b) What is the January 31 balance in the control account? (c) Compute the balances in the subsidiary accounts at the end of the month. (d) Which January transaction would not be recorded in a special journal?
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Transcribed Image Text:E7-4 Kieschnick Company has a balance in its Accounts Receivable control account of $10,000 on January 1, 2017. The subsidiary ledger contains three accounts: Bixler Com pany, balance $4,000; Cuddyer Company, balance $2,500; and Freeze Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Bixler Company Cuddyer Company Freeze Company $9,000 7,000 8,500 $8,000 2,500 9,000 $-0- 3,000 -0- Instructions (a) What is the January 1 balance in the Freeze Company subsidiary account? (b) What is the January 31 balance in the control account? (c) Compute the balances in the subsidiary accounts at the end of the month. (d) Which January transaction would not be recorded in a special journal?
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