a. From the following list of balances, prepare the Accounts Receivable Control Account for the month of June 2020 in the books of Country Fresh to show the missing balances at June 30, 2020. April 1 Balances: Accounts Receivable Control: Dr $25,000 Cr $2,000 Totals at June 30, 2020 Credit Sales 150,000 Cash Sales 8,000 Refund to credit customers 1,000 Interest charged on credit customers account 1,500 Receipts from credit customers 78,500 Balances in sales ledger set off against 4,000 balances in purchases ledger Discounts Allowed 500 Bad Debts 1,000 Disbongured Cheque 1,500 Sales returns 500 Balances at 30 June 2020 Accounts Receivable Control Dr $ ? Cr $1,000 b. State TWO possible reasons for the credit balance in the Sales Ledger Control Account. c. State three uses of a control accounts.
a. From the following list of balances, prepare the Accounts Receivable Control Account for the month of June 2020 in the books of Country Fresh to show the missing balances at June 30, 2020. April 1 Balances: Accounts Receivable Control: Dr $25,000 Cr $2,000 Totals at June 30, 2020 Credit Sales 150,000 Cash Sales 8,000 Refund to credit customers 1,000 Interest charged on credit customers account 1,500 Receipts from credit customers 78,500 Balances in sales ledger set off against 4,000 balances in purchases ledger Discounts Allowed 500 Bad Debts 1,000 Disbongured Cheque 1,500 Sales returns 500 Balances at 30 June 2020 Accounts Receivable Control Dr $ ? Cr $1,000 b. State TWO possible reasons for the credit balance in the Sales Ledger Control Account. c. State three uses of a control accounts.
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 5EB: Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...
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