The following information is extracted from the books of Zone for the month of January: $ Credit purchases 100,258 Cash received from customers 110,568 Returns to suppliers 20,426 Irrecoverable debts written off 224 Receivable ledger balances 1 January 14,968 Payables ledger balances 1 January 54,010 Closing inventory 100,142 Credit sales 148,580 Returns from customers 2,508 Discounts allowed 1,824 Discounts received 864 Cash paid to suppliers 56,546 Required: Prepare the receivables ledger control account and the payables ledger control account for the month.
The following information is extracted from the books of Zone for the month of January: $ Credit purchases 100,258 Cash received from customers 110,568 Returns to suppliers 20,426 Irrecoverable debts written off 224 Receivable ledger balances 1 January 14,968 Payables ledger balances 1 January 54,010 Closing inventory 100,142 Credit sales 148,580 Returns from customers 2,508 Discounts allowed 1,824 Discounts received 864 Cash paid to suppliers 56,546 Required: Prepare the receivables ledger control account and the payables ledger control account for the month.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is extracted from the books of Zone for the month of January: $ Credit purchases 100,258 Cash received from customers 110,568 Returns to suppliers 20,426 Irrecoverable debts written off 224 Receivable ledger balances 1 January 14,968 Payables ledger balances 1 January 54,010 Closing inventory 100,142 Credit sales 148,580 Returns from customers 2,508 Discounts allowed 1,824 Discounts received 864 Cash paid to suppliers 56,546 Required: Prepare the receivables ledger control account and the payables ledger control account for the month.
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